Section 8
Section 8 of Republic Act No. 4136, as amended, there shall be levied, assessed and collected annually on every private passenger automobile to be paid by the owner thereof prior to the registration of such automobile with the Land Transportation Commission an energy tax in an amount equivalent to the percentages indicated below based on a schedule of values to be fixed by the Secretary of Finance: Provided, That the tax herein imposed shall not apply to private passenger automobiles for hire and those falling under special "S" classifications. Sports Car (regardless of weight) 1-1/2 per cent 1-½ per cent Extra Heavy Automobile (2001 kilos and over) 1-1/2 per cent 1-½ per cent Heavy Automobile (1501-2000 kilos) 1 percent Light Automobile (1001-1500 kilos) 3/4 of 1 percent ¾ of 1 percent Bantam Automobile (1000 kilos or less) 1/2 of 1 percent ½ of 1 percent Private jeeps and jeepneys (regardless of weight) 1/2 of 1 percent ½ of 1 percent Provided, however, That in establishing such schedule the following guidelines shall be observed; for current models, the prevailing market price; for non-current models, the prevailing market price after providing for reasonable depreciation: Provided, further, That in the case of discontinued models, the Secretary of Finance shall prescribe a deemed price in lieu of the prevailing market price and which shall constitute the basis for computing the value of such discontinued models.