EO imposes 10% addItional tax on oil imports
MANILA, Philippines — President Rodrigo Duterte has approved an additional 10 percent import duty on crude oil and refined petroleum products to raise funds for the government’s coronavirus (COVID-19) response.
The President signed on Saturday Executive Order No. 113 temporarily modifying the rates of import duty on crude oil and refined petroleum products listed in the Philippines’ tariff law.
Malacañang released a copy of EO 113 on Monday.
“There is an urgent need to augment the government’s resources to sufficiently finance the programs and measures to mitigate the effects of the COVID-19 situation and launch the country toward recovery and rehabilitation,” the EO read.
Republic Act No. 10863 or the Customs Modernization and Tariff Act allows the President to increase rates of import duty and impose additional duty on all imports not exceeding 10 percent in the interest of general welfare.
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