REVENUE MEMORANDUM CIRCULAR NO. 21-2023 issued on February 16, 2023 clarifies Section 5 of Revenue Regulations (RR) No. 18-2021 on the posting of export bond prior to removal of tobacco products, heated tobacco products and vapor products for export from place of manufacture in relation to the provisions for a claim for product replenishment under RR No. 3-2008.
            Pursuant to the provisions of RR No. 18-2021, manufacturers/exporters of tobacco products, heated tobacco products and vapor products intended for export may opt to either: i) utilize their existing balance of Excise Tax credits, if any, under the Product Replenishment Scheme; or ii) post an export bond equivalent to the amount of the Excise Tax due on their products if sold domestically, prior to the removal of their excisable products intended for export; provided, however, that in no event shall the concerned manufacturers/exporters utilize both the product replenishment scheme and export bond at the same time for a single shipment.
            The option of posting for an export bond may be availed of by the manufacturers/exporters of tobacco products, heated tobacco products or vapor products, subject to the following conditions:
         a. In no case shall they avail of the two (2) options (product replenishment and export 
             bond) at the same time to cover the Excise Tax due for the shipment;
         b. The amount of the export bond shall be equivalent to, at a minimum, the applicable
             Excise Taxes due on the two (2) immediately preceding shipments.
         c. The concerned manufacturers/exporters shall file and submit the export bond to the
              Excise Large Taxpayers Regulatory Division of the BIR and copy-furnish the Chief,
              Excise Large Taxpayers Field Operations Division.
            Availment of tax credit/refund or product replenishment is governed by existing policies and procedures prescribed by relevant Revenue Regulations and other issuances.