RR No. 05-98: Implements Section 21 and 23 of RA No. 8479 relative to the payment made by certain oil companies of their respective specific taxes through Reimbursement Certificates” issued by the Department of Energy

Key points

1. 10% per payment. DOE Reimbursement Certificates covering outstanding claims against the Oil Price Stabilization Fund (OPSF) are honored by the Bureau of Customs and the BIR. They count as payment up to ten percent (10%) per payment of tariff duties and specific taxes due, until the claims are settled in full.
2. Condition: valid issuance. A certificate must be duly issued by the DOE and duly approved by the COA.
3. Condition: limited use. The BIR accepts it only for specific taxes on the oil company’s local production and removal of petroleum products subject to specific taxes. Only the collection agency where each certificate was first applied accepts it.

Who is affected

• Oil companies holding DOE Reimbursement Certificates for OPSF claims