Revenue Memorandum Circular · RMC
RMC No. 21-2023
To clarify Section 5 of RR No. 18-2021 on the posting of an export bond prior to removal of tobacco products, heated tobacco products and vapor products for export from the place of manufacture, in relation to the provisions for a claim for product replenishment under RR No. 3-2008.
- Document type
- RMC
- Number
- 21
- Year
- 2023
- Text quality
- Not specified
Document text
Reference copy · verify against the official sourceRMC No. 21-2023 (February 16, 2023) clarifies Section 5 of RR No. 18-2021. Manufacturers/exporters of tobacco products, heated tobacco products and vapor products intended for export must choose one of two options before removing goods from the place of manufacture: (i) use their existing Excise Tax credits under the Product Replenishment Scheme (per RR No. 3-2008), or (ii) post an export bond equal to the Excise Tax due had the products been sold domestically. The two options cannot be used together for a single shipment. The bond must at minimum equal the applicable Excise Taxes due on the two immediately preceding shipments and must be filed with the BIR Excise Large Taxpayers Regulatory Division, copy-furnished to the Chief, Excise Large Taxpayers Field Operations Division. Tax credit/refund or replenishment availment remains governed by existing rules.