Section 203
Section 203: "(a) Agricultural food products including ordinary salt and all kinds of fish and its by-products whether in their original state or not; and "(b) Agricultural non-food products whether in their original state or not. ''The phrase whether in their original state or not' includes the transformation of said products by the application of simple processes to preserve or otherwise prepare said products for the market such as freezing, drying, salting, smoking or stripping. Rice and corn shall be considered in their original state even if they have undergone milling. "(5) Percentage tax on sales of indigenous petroleum. —Notwithstanding the provisions of Section 202 of this Code, there shall be levied, assessed, and collected once on the first taxable sale, barter, exchange or similar transaction intended to transfer ownership of or title to indigenous petroleum, a tax equivalent to 27-1/2% of the fair international market price thereof, such tax to be paid b'y the buyer or purchaser within fifteen (15) days from the date of actual or constructive delivery to the said buyer or purchaser. The phrase 'first taxable sale, barter, exchange or similar transaction' means the transfer of the indigenous petroleum in its original state to a first taxable transferee. The fair international market price shall be determined in accordance with regulations to be promulgated by the Minister of Finance upon the recommendation of the Commissioner of Internal Revenue in consultation with an appropriate government agency. "For purposes of this subsection, 'indigenous petroleum' shall include locally extracted mineral oil, hydrocarbon gas, bitumen, crude asphalt, mineral gas and all other similar or naturally associated substances with the exception of coal, peat, bituminous shale and/or stratified mineral deposits. "In enforcing the provisions of this subsection, Section 12 and the relevant provisions of Chapter II of Title IV of this Code shall apply. "(B) On second sale of articles.—There shall be levied, assessed and collected on every second sale, barter, exchange or similar transaction for nominal or valuable consideration intended to transfer ownership of or title to any article subject to sales tax on original sale, article subject to the miller's tax and article subject to specific tax under Title IV a tax equivalent to 3 % of the gross selling price or gross value in money of the article so sold; bartered, exchanged or transferred, such tax to be paid by the seller thereof; Provided, however, That the second sale of agricultural food products in their original state shall be subject to 0% rate. "Unless the tax under this subsection is billed to the purchaser as a separate item in the invoice, the amount intended to cover the sales tax shall be considered as part of the gross selling price of the article."