Implementation of Section 193, Tax Code, as Amended by Presidential Decree No. 1705

February 24, 1981 REVENUE MEMORANDUM CIRCULAR NO. 10-81 SUBJECT : Implementation of Section 193, Tax Code, as Amended by Presidential Decree No. 1705 TO : All Internal Revenue Officers and Others Concerned Section 193 of the Tax Code, as amended by Section 29 of P. D. No. 1705 requires any person subject to the percentage tax to file a final annual percentage tax return "on or before the twentieth day of February following the close of the taxable year." It is also provided that if the percentage tax is not paid on time, a surcharge of 25% as well as 20% annual interest shall be imposed. casia It is noted that Section 29 of P.D. No. 1705 takes effect upon promulgation of the rules and regulations by the Minister of Finance upon recommendation of the Commissioner of Internal Revenue (Sec. 33, P.D. No. 1705). Considering that Revenue Regulation No. 6-81 implementing said Section 29 has been promulgated to take effect on January 28, 1981, it is clear that the requirement prescribed therein as regards the date of filing of the final annual percentage tax return took effect on said date (January 28, 1981). It follows that no surcharge and interest should be imposed upon the filing of the said return on or before February 20, 1981 . cd It is desired that this Circular be given as wide a publicity as possible. RUBEN B. ANCHETA Acting Commissioner