Armed Forces of the Philippines Commissary and Exchange Service (2)

October 3, 1997 FIRB RESOLUTION NO. 021-97 SUBJECT : Armed Forces of the Philippines Commissary and Exchange Service (2) BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to deny the application for subsidy availment of the Armed Forces of the Philippines Commissary and Exchange Service in the amount of P6,432 million only, representing its income tax liability for the year 1996. BE IT FURTHER RESOLVED, AS IT IS HEREBY RESOLVED, to approve the application for subsidy availment of the AFPCES, in the amount of P150.00 million only, representing the taxes on items purchases and subsequently sold by its outlets to their intended beneficiaries only, for the year 1997, in accordance with the following tax breakdown: Type of tax to be covered by subsidy Amount of Subsidy Ratio to Total (million P) (%) 1. VAT (input tax on procurement) 101.865 67.91 2. Excise tax on Petroleum 26.310 17.54 3. Excise tax on Beverages/Alcohol/ Distilled Spirits 7.035 4.69 4. Excise tax on Tobacco Products 0.390 0.26 5. VAT (net tax payable) 14.400 9.60 TOTAL 150.00 100.00 ===== ===== Provided, however , that the subsidy herein granted shall not apply on taxes due on sales of firearms and ammunitions and motor vehicles; Provided, further , that all items entitled to the subsidy herein granted shall be sold only to their intended beneficiaries and that any sale thereof to persons other than the intended beneficiaries shall be subject to the taxes and duties due thereon: Provided, furthermore , that the AFPCES shall cause to be marked on all items entitled to the tax subsidy herein granted, to the extent practicable, a notation to the effect that such items have tax subsidized by the government. Provided, finally , that such availment shall be in accordance with the terms and conditions of Section 13 of the 1997 General Appropriations Act, subject to the availability of funds therefor, pursuant to the terms and conditions of the Rules and Regulations to Implement the Subsidy Provision Under Executive Order No. 93. ICAcTa (SGD.) MA. CECILIA G. SORIANO Undersecretary of Finance Presiding Officer FIRB Reference : FIRB Technical Committee Meeting dated September 23, 1997 FIRB Meeting dated October 2, 1997 FIRB Resolution No. Amount 8-97 (renewal) P158.050 million 21-97 (new) 150.000 Total P308.050 million =======