Revenue Administrative Order No. 04-80

July 3, 1980 REVENUE ADMINISTRATIVE ORDER NO. 04-80 Pursuant to the Memorandum of Agreement dated October, 1978 executed by and between the Bureau of Internal Revenue and the Overseas Construction Board, duly approved and copy of which is hereto attached, and for the effective supervision and administration for tax incentives as provided for under Presidential Decree No. 1167, the INTERNATIONAL OPERATIONS DIVISION is hereby designated to implement the provisions of Revenue Regulations No. 1-78 dated January 10, 1978. Said International Operations Division shall also recommend to the Commissioner the representatives to said Overseas Construction Board who shall perform the duties embodied under Memorandum of Agreement. cdt RUBEN B. ANCHETA Acting Commissioner ANNEX A MEMORANDUM OF AGREEMENT BETWEEN THE OVERSEAS CONSTRUCTION BOARD AND THE BUREAU OF INTERNAL REVENUE REGARDING THE IMPLEMENTATION OF REVENUE REGULATIONS NO. 1-78 Revenue Regulations No. 1-78 dated January 10, 1978 of the Minister of Finance has spelled out the responsibilities of the BIR regarding the procedures to be followed in administering applications for tax incentives as provided for under Presidential Decree No. 1167. However, for a smoother and more expeditious implementation of the aforesaid regulation, the Bureau of Internal Revenue (BIR) and the Overseas Construction Board (OCB) hereby agree that: 1. A Special Committee is created composed of two (2) BIR representatives and three (3) OCB representatives, who shall be nominated by the BIR Commissioner and the OCB Chairman, respectively. 2. The Committee shall meet, from time to time, as requested by BIR or OCB to discuss and thresh out any problem or problems that may arise in the course of the implementation of the regulation and take appropriate action to avoid or minimize such possible problems. 3. The Committee shall conform with the following guidelines in its processing and evaluation of tax incentives: aisa dc a. Examination and verification of documents and the required submittals shall, whenever possible, be conducted jointly by at least one member from the BIR and another one from OCB. Such examination and verification shall be made as much as possible at the OCB office. b. Reports and memoranda that are intended to be presented or submitted to the OCB-Board shall be signed jointly by the BIR and OCB representatives, except in those cases where there are differences in observation, in which cases separate reports shall be submitted. Reports shall be submitted within twenty (20) working days from the date of submission of all requirements. c. Communications to the Commissioner of Internal Revenue shall be coursed through the BIR representatives working for the Committee; likewise communications to the Chairman of the Overseas Construction Board shall be coursed through the OCB representatives. d. Where further action of the Commissioner is necessary, as in the approval of the tax credit certificate, the BIR representatives shall be responsible therefor. Releasing of the tax credit certificate shall be made at the OCB office. cda FOR THE BUREAU OF INTERNAL REVENUE: EFREN I. PLANA RUBEN B. ANCHETA Chairman Acting Commissioner FOR THE OVERSEAS CONSTRUCTION BOARD: October ____, 1978.