Summary
RR No. 17-99, issued December 27, 1999, implements Sections 141, 142, 143 and 145 (A) and (C) (1), (2), (3) and (4) of the National Internal Revenue Code of 1997 on a twelve percent (12%) increase in Excise Tax effective January 1, 2000.
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Key points
- Products covered. The increase applies to distilled spirits, wines, fermented liquors, and cigars and cigarettes packed by machine.
- New rates. The new rates of Specific Tax to be levied, assessed and collected are specified in the Regulations.
- Floor on rates. The new specific tax rate for any existing brand must not be lower than the Excise Tax actually paid before January 1, 2000.
Who is affected
- Manufacturers of distilled spirits, wines, fermented liquors, and cigars and cigarettes packed by machine
Deadlines and effectivity
- Effective January 1, 2000
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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