Home » Breaking News, Customs & Trade, Exclusives » Oil products’ import duty reverts to zero from 10%

Image by sandid from Pixabay

The import duty on crude and refined petroleum products is back to zero from June 25 following expiration of Republic Act (RA) No. 11469 or the Bayanihan to Heal as One (BHAO) Act on June 24.

President Rodrigo Duterte earlier signed Executive Order (EO) No. 113 temporarily increasing the import duty on crude and refined petroleum products to 10% to help finance programs to mitigate effects of the coronavirus disease (COVID-19) pandemic.

READ: PH fuel import duty temporarily raised by 10%

According to EO 113, the modified rates of import duty will immediately revert to 0% as international oil prices increase–based on trigger prices indexed to oil prices in the world market–upon certification by the Department of Energy (DOE) that a trigger price has been reached and the Department of Finance notified.

And with the expiration of the BHAO Act and without a certification from DOE, Customs commissioner Rey Leonardo Guerrero in a memorandum dated June 23 said the import duty on crude and refined petroleum products covered by EO 113 should revert to zero percent beginning June 25.

BOC’s Electronic-to-Mobile System is required to reflect the reverted rate of import duty.

A BHAO Act 2 bill that will extend measures to address the COVID-19 pandemic has been filed in Congress but has yet to be passed.

No comments yet... Be the first to leave a reply!

Leave a Reply

Your email address will not be published. Required fields are marked *

sixteen − 4 =