Financial Rehabilitation Rules of Procedure (2013)

December 11, 2001 FIRB RESOLUTION NO. 005-01 SUBJECT : Additional Requirements for Tax Subsidy Applications WHEREAS, in implementing the provisions of tax subsidy to government corporations, the FIRB has adopted December 15 of each year as a cut-off date for the validity of said provisions; WHEREAS, this cut-off date is necessary to give time to concerned entities to close their books and/or accounts for a given year; WHEREAS, to ensure that all applications for tax subsidy are considered by the FIRB within the said cut-off date certain initiatives have to be made by the affected government corporation and revenue authority, as well. NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to prescribe the following requirements: 1. For government corporations, to make and ensure that all importations for which tax subsidy is to be applied for arrive on or before November 15 of each year; and 2. For the Bureau of Customs, to make the billings or statement of accounts corresponding to the foregoing importations within two (2) weeks after the arrival thereof and to make the final billings or statement of accounts pertaining to a government corporation applying for tax subsidy with the FIRB on or before November 30 of each year. DTCAES (SGD.) NIEVES L. OSORIO Undersecretary of Finance Presiding Officer FIRB Reference: FIRB-Technical Committee Meeting dated December 10, 2001 FIRB Meeting dated December 11, 2001