FIRB Resolution No. 040-96

December 6, 1996 FIRB RESOLUTION NO. 040-96 BE IT RESOLVED, AS IT IS HEREBY RESOLVED, to approve the application for subsidy availment of the Armed Forces of the Philippines Commissary and Exchange Service, in the amount of P7 . 235 million only , representing the increase in the excise tax liability of AFPCES for 1996, pursuant to Republic Act No. 8184 (Restructuring the Excise Tax on Petroleum Products). Provided , That such availment shall be in accordance with the terms and conditions of Section 12 of the 1996 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. BE IT FURTHER RESOLVED, AS IT IS HEREBY RESOLVED, to deny the application for additional tax subsidy of the AFPCES to cover taxes due on its additional purchases for 1996, the adjustment in the income tax due on its 1996 income, and the expansion of the coverage tax subsidy granted to it per FIRB Resolution No. 13-96, to cover customs duties and advance sales tax (VAT) on its importation of Ma Ling Luncheon Meat. (SGD.) MA. CECILIA G. SORIANO Undersecretary of Finance Presiding Officer FIRB References : FIRB Technical Committee Meeting dated December 04, 1996 FIRB Meeting dated December 6, 1996 FIRB Resolution No. Amount 13-96 (new) P219.936 million 23-96 (renewal) 58.250 40-96 (new) 7.235 TOTAL P285.421 million =======