RMC No. 48-2025 — Clarification on the computation of Excise Tax on mineral products

Brin ing in boaioun REVENUE MEMORANDUM CIRCULAR NC BUREAU OF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE QUEZON CITY 0 4 8 2025 SISAEN SZOZ 8 0 XYW W* 30:0

To: SUBJECT: Clarification on the Computation of Excise Tax on Mineral Products All Revenue Officials, Employees and Other Concerned V 3 40

1-2018 on the computation of excise tax on mineral products. Specifically, it provides Circular (RMC) 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 Reveuue Code (NIRC) of 1997, as amended. guidance on the applicable foreign exchange rate pursuant to Revenue Memorandum This Circular is issued to clarify the provisions of Revenue Regulations (RR) No)

Q1: What is the official reference for determining the applicable foreign exchange rate

in computing excise tax?

Al: The applicable foreign exchange rate for both provisional and final excise tax

Association of the Philippines (BAP). computations shall be based on the official reference rates published by the Bankers

Q2: Which foreign exchange rate shall be used for the provisional computation of excise tax on exported mineral products? A2: The provisional computation of excise tax, required for the export permit application

shall be based on the spot foreign exchange rate published by the Bankers Association of the Philippines (BAP) as of the date of the export permit application.

Q3: Which foreign exchange rate shall be used for the final computation of excise tax on exported mineral products, as determined upon the final assay and issuance of the final invoice?

A3: as of the date of shipment, as published by the Bankers Association of the Philippines 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 (BAP). Q4: When is a mineral product deemed shipped?

A4 A mineral product shall be deemed shipped upon the issuance of the bill of lading.

which serves as the official document confirming its exportation.

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Q5: What is the prescribed deadline for issuing the final invoice for exported mineral

products?

A5: The final invoice for exported mineral products shall be issued within Ninety (90) days

determined actual market value. from the date of actual exportation, as indicated in the bill of lading, based on the

Q6: resident foreign corporation engaged as a mineral processing plant) when the sale is denominated in foreign currency? Which foreign exchange rate shall be used for the provisional computation of excise tax on mineral products sold domestically (e.g., sales to a domestic corporation or a

A6: The provisional computation of excise tax on mineral products sold domestically shall

be based on the spot foreign exchange rate published by the Bankers Association of the Philippines (BAP) as of the date of the application for the permit to transport.

Q7: mineral products sold domestically (e.g., sales to a domestic corporation or a Which foreign exchange rate shall be used for the final computation of excise tax on is denominated in foreign currency? resident foreign corporation engaged as a mineral processing plant) when the sale

A7: 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 Bankers Association of the Philippines (BAP).

Q8: What is the available remedy for a taxpayer in case of excess excise payment?

A8: In cases where a taxpayer has overpaid excise tax as a result of foreign exchange issued by the Bureau of Internal Revenue (BIR). fluctuations (when the provisional computation exceeds the final computation), the taxpayer may file a claim for refund pursuant to Section 229 of the Natioual Interual Reveme Code (NIRC) of 1997, as amended, and the applicable revenue regulations

Q9: What is the deadline for filing a claim for refund of excess excise tax payments?

A9: Pursuant to Section 229 of tlte National Internal Reveuue Code (NIRC) of 1997, as amended)

a taxpayer must file a claim for a refund of excess excise tax payments within two (2) requirements and procedures prescribed under existing laws and regulations. years from the date of payment. Such claims shall be subject to the documentary

Memorandum Circular as wide publicity as possible. All internal revenue officers and employees are hereby enjoined to give this Revenue

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