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RMO No. 99-98: Prescribes the procedures for the filing of excise tax returns and payment of excise taxes on petroleum products, including the use of Reimbursement Certificates-Tax Debit Memo in the payment of said taxes

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Summary

RMO No. 99-98 sets the procedures for filing excise tax returns and paying excise taxes on petroleum products, including use of Reimbursement Certificates-Tax Debit Memo (RC-TDM) as payment.

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Key points

  1. Basis of the tax. Excise taxes are based on the daily removal of petroleum products, as shown by Withdrawal Certificates (WCs) issued on or before 12:00 midnight of each day.
  2. Payment. Excise taxes on the daily removal of oil companies are paid within the following banking day through Direct Debit. The amount is charged against the company’s account with any Authorized Agent Bank (AAB) branch for Large Taxpayers.
  3. Removal only with a WC. Petroleum products leave the refinery or place of production, irrespective of destination, only upon issuance of a WC. It shows the consignee’s name and address, date of removal, quantity and description of the product, and is certified by the Revenue Officer on premise.

Who is affected

  • Oil companies removing petroleum products

Deadlines and effectivity

  • Payment: within the following banking day after daily removal

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.

Related issuances (1)

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Cited byRR No. 02-2000

Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.