Section 135-A

This Revenue Regulation issued  on February 27, 2025 implements Section 135 in petroleum products sold to international carriers and exempt entities or agencies and the new Section 135-A of the National Internal Revenue Code of  1997, as amended by Republic Act No.12066 (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy or CREATE MORE Act) on refund of Excise Tax on petroleum products. Petroleum products sold to the following are exempt from Excise Tax: a. International carriers of Philippine or foreign registry directly importing petroleum products, on their use or consumption outside the Philippines. The said [...]