Summary
RMC No. 21-2023 clarifies Section 5 of RR No. 18-2021 on posting an export bond before removing tobacco, heated tobacco and vapor products for export, in relation to product replenishment claims under RR No. 3-2008.
Key points
- Two options. Manufacturers and exporters may use their existing excise tax credit balance under the Product Replenishment Scheme, or post an export bond equal to the excise tax due if the goods were sold locally. They may not use both for a single shipment.
- Bond amount. The export bond must be at least the applicable excise taxes due on the two immediately preceding shipments.
- Where to file. The bond is filed with the Excise Large Taxpayers Regulatory Division, with a copy to the Chief of the Excise Large Taxpayers Field Operations Division.
- Credit, refund and replenishment. Availment of tax credit or refund or product replenishment follows existing policies in relevant revenue regulations and other issuances.
Who is affected
- Manufacturers and exporters of tobacco products, heated tobacco products and vapor products intended for export
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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