Preamble
WHEREAS, it is the policy of the government to levy an annual privilege fixed tax on business dealing in goods subject to specific tax; WHEREAS, gasoline and LPG dealers although selling products that are subject to specific tax are presently subjected to a graduated annual privilege tax based upon their annual gross sales; WHEREAS, the said dealers are performing a function vital to the country and a tax on them which is made dependent on the price of oil products is not conducive to the viability of the industry; WHEREAS, due to the high cost of oil products, there is a need to stabilize the tax and to classify the industry under the same category as other dealers of goods subject to specific tax; NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines by virtue of the powers vested in me by the Constitution, do hereby order and decree the following: