Republic Act No. 12316
Year:
2026
Category:
Other
Date Approved:
March 25, 2026
Summary
Plain-language AI-assisted summary — not the official text. As of July 1, 2026. Read the full text below or on the official source.
This Act authorizes the President of the Philippines to suspend or reduce the excise tax on petroleum products under certain conditions, specifically when the average price of Dubai crude oil exceeds a specified threshold. It aims to provide flexibility in tax management to address economic conditions affecting fuel prices.Full Text
[ REPUBLIC ACT NO. 12316, March 25, 2026 ]
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
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
Section 1. Section 148 of the National Internal Revenue Code (NIRC) of 1997, as amended, is hereby further amended to read as follows:
The report shall include a recommendation on whether the suspension or reduction of excise taxes should be maintained, or lifted, and shall form part of the basis for any continued suspension or reduction of excise taxes should be maintained, modified, or lifted, and shall form part of the basis for any continued suspension or reduction.
During the suspension or reduction of excise tax under this Section, oil companies shall submit to the DOE monthly information on the cost components of the price of petroleum products sold: Provided, That the DOE shall submit such monthly information to the DBCC and the Congress: Provided, further, That the Bureau of Internal Revenue and the Bureau of Customs shall likewise submit to Congress monthly information on the declared value and volume of petroleum products the excise tax on which, has been suspended or reduced by the President pursuant to this Section, as used for the imposition of value-added tax under this Act."
Section 2. Separability Clause. - If any portion or provision of this Act is declared unconstitutional, the remainder of this Act or any provision not affected thereby shall remain in force and effect.
Section 3. Repealing Clause. - Any law, presidential decree or issuance, executive order, letter of instruction, rule, or regulation inconsistent with the provisions of this Act is hereby repealed or modified accordingly.
Section 4. Effectivity. - This Act shall take effect after fifteen (15) days following its publication in the Official Gazette or in a newspaper of general circulation.
Approved,
This Act was passed by the Senate of the Philippines as Senate Bill No. 1982 on March 17, 2026 and adopted by the House of Representatives as an amendment to House Bill No. 8418 on March 18, 2026.
Approved: MAR 25 2026
FERDINAND ROMUALDEZ MARCOS JR.
President of the Philippines
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Republic Acts are laws passed by the Congress of the Philippines. This content is sourced from LawPhil (lawphil.net) for reference purposes. For official and authoritative texts, please refer to the Official Gazette.