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REVENUE MEMORANDUM CIRCULAR NO. 56-2026 issued on May 26, 2026 circularizes the full text of Republic Act (RA) No. 12316, titled “An Act Authorizing the President to Suspend or Reduce Excise Tax on Petroleum Products, Amending for the Purpose Section 148 of the National Internal Revenue Code of 1997, as Amended”.

The suspension or reduction may be applied to specific petroleum products, and implemented either as a full suspension or partial reduction of the applicable Excise Tax rates under said Section, as may be warranted by prevailing conditions.

Any suspension or reduction authorized under Section 148 of the National Internal Revenue Code (NIRC) of 1997, as amended, shall be effective for a period not exceeding three (3) months: Provided, That the aggregate period of the suspension or reduction shall not exceed one (1) calendar year: Provided, further, That the Excise Tax on fuel products shall revert automatically to the rates provided under this Section, without need for further legislative or executive action, upon occurrence of any of the following conditions, whichever comes first:

(a) One (1) week after the one (1)-month average of Dubai crude oil price based on Mean of Platts Sin gapore (MOPS) falls below Eighty US dollars (USD 80) per barrel, as duly certified by the Department of Energy (DOE); or

(b) After three (3) months:

Provided, That the power of the President to temporarily suspend or reduce the Excise Tax on petroleum products granted under Section 148 of the NIRC, as amended, shall be exercised only until December 31, 2028.