Publishing Section 21 of Republic Act No. 5526 Which Took Effect on June 21, 1969, Creating a Forest Products Research and Industries Development Fund (FOR-PRIDE FUND)

October 29, 1969 REVENUE MEMORANDUM CIRCULAR NO. 23-69 SUBJECT : Publishing Section 21 of Republic Act No. 5526 Which Took Effect on June 21, 1969, Creating a Forest Products Research and Industries Development Fund (FOR-PRIDE FUND) TO : All Collection Agents, Cash Clerks and All Others Concerned For the information and guidance of all concerned, there is quoted hereunder, Section 21 of Republic Act No. 5526, viz: cdta " REPUBLIC ACT NO . 5526 " AN ACT ESTABLISHING THE FOREST PRODUCTS RESEARCH AND INDUSTRIES DEVELOPMENT COMMISSION. "Section 21. FORPRIDE-FUND . To insure the continuous and efficient operation of the 'FORPRIDECOM' a Forest Products Research and Industries Development Fund, a special fund to be known as 'FORPRIDE FUND', is hereby created upon approval of this Act. Source of this Fund shall be in the form of fees as authorized by law for the 'FORPRIDECOM'. 'A wood-conservation fee' shall be collected, in addition to the regular forest charges and/or competitive bidding sales provided for under the National Internal Revenue Code, as amended, and those provided for under Republic Act Numbered One hundred fifteen as amended, and Republic Act Numbered Three thousand five hundred twenty-three, the amount of twenty-five centavos on each cubic meter of timber removed from any public forest, forest reserve and national park for commercial purposes, which shall be collected in the same manner and with the same remedies provided for in the National Internal Revenue Code, as amended, with respect to forest charges and/or competitive bidding sales, and with the same penalties provided for in Republic Act Numbered One hundred fifteen, as amended, and Republic Act Numbered Three thousand five hundred twenty-three, and which shall be turned over to the 'FORPRIDECOM' at the end of the fiscal year beginning with the fiscal year beginning with the fiscal year on approval of this Act. xxx xxx xxx "Section 31. EFFECTIVITY . This Act shall take effect upon its approval. cdti APPROVED, June 21, 1969." Features of the Act I. Imposition of a wood conservation fee : A special fund known as Forest Products Research and Industries Development Fund (denominated as "FORPRIDE FUND") was created by Republic Act No. 5526 to insure the continuous and efficient operation of the Forest Products Research and Industries Development Commission (Formerly the Forest Products Research Institute which is now modified and integrated with the National Science Development Board) denominated as "FORPRIDECOM". As one of the means of sources of the "FORPRIDE FUND", R.A. No. 5526 provides for the collection of a "wood-conservation fee" in the amount of twenty-five (P0.25) centavos on each cubic meter of timber removed from any public forest, forest reserve and national park for commercial purposes, in addition to the regular forest charges provided for under the Tax Code, as amended, and the fees provided for under Republic Act Numbered One hundred fifteen and Republic Act Numbered Three thousand five hundred twenty-three which shall be collected in the same manner and with the same remedies provided for in said Code with respect to forest charges. cdtech II. Collection : The wood conservation fee shall be collected at the same time as the collection of the forest charges. The collection of this fee should be separately receipted for, using for this purpose B.I.R. Form No. 25.24 (Revenue Official Receipt). III. Penalties : Any person, corporation, association or partnership shall be liable for the payment of a fine of not less than P500.00 and in addition thereto, a surcharge of twenty-five (25%) per centum of the amount due upon failure to pay upon demand the wood conservation fee provided under the provisions of Republic Act No. 5526. Failure to pay the amount due, including fines and surcharges, within sixty (60) days after the same has become due and payable shall be considered sufficient cause for the cancellation of the license and forfeiture of the corresponding bond deposit of the licensee concerned. IV. Remittance of collection to "FORPRIDECOM ." All collections from the wood-conservation fee shall be turned over by the Bureau to the "FORPRIDECOM" at the end of every fiscal year, beginning with the fiscal year 1968-1969. Effectivity Republic Act No. 5526 was approved and took effect on June 21, 1969. Enforcement and Publicity All internal revenue officers and others charged with the enforcement of the internal revenue law are enjoined to be guided accordingly and to give the law as wide a publicity as possible. cdpr (SGD.) MISAEL P. VERA Commissioner of Internal Revenue APPROVED: (SGD.) PEDRO M. ALMANZOR Acting Secretary of Finance