Summary
RMC No. 48-2025 clarifies the computation of Excise Tax on mineral products, including the foreign exchange rate under RMC No. 12-2024 and the remedy for excess Excise Tax payments under Section 229 of the NIRC.
Key points
- Exchange rate source. Both provisional and final computations use official reference rates published by the Bankers Association of the Philippines (BAP).
- Exported minerals. The provisional computation for the export permit application uses the BAP spot rate as of the application date. The final computation, adjusted on the final assay report and final invoice, uses the BAP weighted average rate as of the shipment date, which is when the bill of lading is issued.
- Final invoice. The final invoice for exported mineral products is issued within ninety (90) days from the date of actual exportation shown in the bill of lading, based on the determined actual market value.
- Domestic sales. The provisional computation uses the BAP spot rate as of the date of application for the permit to transport. The final computation uses the BAP weighted average rate as of the date of the final sales invoice.
- Refund of overpayment. If the provisional computation exceeds the final computation because of exchange rate changes, the taxpayer may claim a refund under Section 229. The claim is filed within two (2) years from the date of payment, subject to existing documentary requirements and procedures.
Who is affected
- Taxpayers paying Excise Tax on mineral products
Deadlines and effectivity
- Final invoice for exports: within ninety (90) days from actual exportation
- Refund claim: within two (2) years from payment
- Issued May 8, 2025
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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