Publication of Revenue Regulations No. 17-78, Further Amending Section 19 of Revenue Regulations V-1, as Amended

November 15, 1978 REVENUE MEMORANDUM CIRCULAR NO. 090-78 SUBJECT : Publication of Revenue Regulations No. 1 7-78, Further Amending Section 19 of Revenue Regulation V- 1, as Amended TO : All Regional Directors, Revenue District Officers, Internal Revenue Officers and Others Concerned For the information and guidance of all concerned, there is quoted hereunder Section 2 of Revenue Regulations 17-78, further amending Section 19 of Revenue Regulations V-1, as amended: "Section 2. Sub-paragraph 2 of Paragraph 3 of Section 19(c) of Revenue Regulations V-1, as amended by Revenue Regulations No. 2-78, is further amended to read as follows: '3. Other Requirements 'xxx xxx xxx '2. In the case of receipts or invoices printed and registered prior to the effectivity of these regulations, the same may still be used provided the taxpayer submits to the Revenue District Officer where his principal place of business is located an inventory of unused receipts or invoices together with a copy of the previously approved permit for registration of said receipts or invoices not later than November 30, 1978. 'Failure of the taxpayer to comply with this requirement shall render the unused receipts or invoices invalid and the possession or use thereof after November 30, 1978, shall be punishable under the provisions of Presidential Decree No. 1254: Provided, however, That with respect to receipts or invoices printed and registered prior to the effectivity of these regulations which do not bear on the original and every copy thereof on the lower left hand corner the name, business address and authority number of the printer but which conform with the requirements of pertinent provisions of the Bookkeeping Regulations prior to its amendment, the same may still be used until May 31, 1979. After this date, such receipts or invoices shall be considered invalid and the possession or use thereof shall likewise be punishable under the provisions of Presidential Decree No. 1254.'" Features of the amendment . The salient features of the amendment are as follows: 1. Revenue Regulations No. 17-78 dispensed with the previous requirement under Revenue Regulations No. 2-78 for the re-stamping of previously registered unused sale receipts or invoices. 2. Under the amendment, the only requirement is for the submission of an inventory of previously registered receipts or invoices together with a copy of its approved permit for registration. Failure of the taxpayer to comply with the requirement will render the unused receipts invalid and the possession or use thereof shall be punishable under P.D. 1254. 3. Upon compliance with the required submission of inventory on or before November 30, 1978, such previously registered receipts may still be used until May 31, 1979, after which date it shall be considered invalid and the possession or use thereof shall be punishable under P.D. 1254. aisa dc 4. Revenue Regulations 17-78 took effect upon its approval on November 7, 1978. All internal revenue officer and others concerned are hereby enjoined to be guided accordingly and to give this circular as wide a publicity as possible. EFREN I. PLANA Acting Commissioner of Internal Revenue TAN-P4519-F2828-A-8