REVENUE MEMORANDUM CIRCULAR (RMC) NO. 48-2025
This clarifies the provisions on excise tax computation for mineral products. It provides guidance on the applicable foreign exchange rates and outlines the remedy for excess excise tax payments.
The applicable foreign exchange rate for both provisional and final excise tax computations shall be the rate published by the Bankers Association of the Philippines (BAP). For the purposes of export permit application, the provisional excise tax computation shall be based on the spot foreign exchange rate as of the date of the export permit application.
Meanwhile, the final excise tax computation, which is adjusted upon the issuance of the final assay report and final invoice, shall use the weighted average foreign exchange rate as of the date of shipment. A mineral product shall be deemed shipped upon the issuance of the bill of lading. Also, the final invoice for exported mineral products shall be issued within ninety (90) days from the date of actual exportation, as indicated in the bill of lading, and shall be based on the determined actual market value.
For mineral products sold domestically, the provisional computation of excise tax shall be based on the foreign exchange rate as of the date of the application for the permit to transport, whereas the final computation shall use the weighted average foreign exchange rate as of the date of the final sales invoice.
If a taxpayer overpays excise tax due to foreign exchange fluctuations or when the provisional computation exceeds the final computation, the taxpayer may file a refund claim under Section 229 of the Tax Code, as amended. Such claims must be filed within two (2) years from payment and comply with applicable documentary and procedural requirements.