REVENUE MEMORANDUM CIRCULAR NO. 24-2012 issued on May 21, 2012 clarifies the issue on the maintenance of Official Register Books (ORBs) on tax-paid petroleum products stored on formerly bonded storage facilities.
       Under previously issued revenue issuances and permits, certain storage facilities and/or terminals, including the blending facilities located therein for the manufacture of lubricating oils and greases owned and operated by the oil companies, were required to maintain ORBs and to submit, on a regular basis, the transcripts sheets to the BIR. However, subsequent issuance of certain tax laws and Revenue Regulations (RR) such as Republic Act No. 8424, imposing Excise
           Tax on the major raw materials for lubricating oils and grease effectively rendering the said
finished products no longer subject to Excise Tax, as well as the promulgation of RR No. 8- 2006, introducing the Product Replenishment scheme which effectively unbonded formerly bonded storage facilities, seemed to have created the impression that the maintenance of ORB and submission of the transcripts sheets thereto is no longer required.
          While taxes on products stored in the facilities may have been paid already, or is subject to P 0.00 rate, there is still a need to ensure that taxes on all products stored within and handled by the facilities are properly paid in order to protect the revenues due to the government.
           Considering that administrative requirements are duly prescribed by revenue issuances and
permits and remained in effect, as no revoking issuance has been issued, continued compliance
thereto should be strictly observed by concerned taxpayers.
          Accordingly,  the  maintenance  of ORBs  and  submission  of  transcripts  sheets  thereof  is strictly enjoined from the concerned oil companies. Revenue officials and employees tasked with the monitoring of these facilities are likewise enjoined to require the submission of the ORBs and the transcript sheets thereto on the preceding three (3) years.