REVENUE MEMORANDUM CIRCULAR NO. 48-2025 issued on May 8, 2025 clarifies the computation of Excise Tax on mineral products. Said clarification provides guidance on the applicable foreign exchange rate pursuant to Revenue Memorandum Circular No. 12-2024, as well as the remedy available to taxpayers in case of excess Excise Tax payments under Section 229 of the National Internal Revenue Code (NIRC) of 1997, as amended.

The applicable foreign exchange rate for both provisional and final Excise Tax computations shall be based on the official reference rates published by the Bankers Association of the Philippines (BAP).

The provisional computation of Excise Tax, required for the export permit application, shall be based on the spot foreign exchange rate published by the BAP as of the date of the export permit application.

The final Excise Tax computation, as adjusted upon the issuance of the final assay report and final invoice, shall be based on the weighted average foreign exchange rate as of the date of shipment of exported mineral products, as published by the BAP.

A mineral product shall be deemed shipped upon the issuance of the bill of lading, which serves as the official document confirming its exportation. The final invoice for exported mineral products shall be issued within ninety (90) days from the date of actual exportation, as indicated in the bill of lading, based on the determined actual market value.

The provisional computation of Excise Tax on mineral products sold domestically shall be based on the spot foreign exchange rate published by the BAP as of the date of the application for the permit to transport.

The final computation of Excise Tax on mineral products sold domestically, as adjusted upon the issuance of the final assay report, shall be based on the weighted average foreign exchange rate as of the date of the final sales invoice, as published by the BAP.

In cases where a taxpayer has overpaid Excise Tax as a result of foreign exchange fluctuations (when the provisional computation exceeds the final computation), the taxpayer may file a claim for refund pursuant to Section 229 of the NIRC of 1997, as amended, and the applicable revenue regulations issued by the BIR.

Pursuant to Section 229 of the NIRC of 1997, as amended, a taxpayer must file a claim for a refund of excess Excise Tax payments within two (2) years from the date of payment. Such claims shall be subject to the documentary requirements and procedures prescribed under existing laws and regulations.