Share
REVENUE MEMORANDUM CIRCULAR (RMC) NO. 056-2026
This Circular officially publishes and circulates the full text of Republic Act (RA) No. 12316 for the information, guidance, and compliance of all tax administrators, internal revenue personnel, and affected stakeholders. The underlying law grants explicit authority to the President of the Philippines to suspend or lower the excise tax rates imposed on petroleum products by amending Section 148 of the National Internal Revenue Code (NIRC) of 1997, as amended.
Petroleum Excise Tax Amendments Under Republic Act No. 12316
| Issuance Compliance Clause | Administrative and Legislative Text |
| Official Dissemination Directive | ● This Circular is issued for the direct information and guidance of all internal revenue officials, employees, and others concerned. ● It transmits and integrates the full text of Republic Act (RA) No. 12316, which is appended to the issuance as Annex “A” |
| Statutory Scope and Purpose | ● The circularized legislation is officially titled “An Act Authorizing the President to Suspend or Reduce Excise Tax on Petroleum Products, Amending for the Purpose Section 148 of the National Internal Revenue Code of 1997, as amended”. ● The main purpose of the law is to establish the legal authority and administrative mechanism for the President to actively reduce or suspend the excise tax rates levied on oil and petroleum products. |
| Amended NIRC Provision | ● The underlying Act specifically amends Section 148 (Excise Tax on Petroleum Products) of the National Internal Revenue Code of 1997, as amended. ● This modification serves as the definitive legal framework governing statutory excise tax adjustments for petroleum products. |