Segregation of the Proceeds of Percentage Tax Levied on Proprietors or Operators of Sugar Centrals as a Special Fund Separate from other Internal Revenue Collections as in the Case of the Highway Special Fund Collection (See Revenue Memorandum Circular No. 23-65 dated May 24, 1965)

September 16, 1965 REVENUE MEMORANDUM CIRCULAR NO. 33-65 TO : All Collection Agents, Other Collecting Officers and Others Concerned SUBJECT : Segregation of the Proceeds of Percentage Tax Levied on Proprietors or Operators of Sugar Centrals as a Special Fund Separate from other Internal Revenue Collections as in the Case of the Highway Special Fund Collection (See Revenue Memorandum Circular No. 23-65 dated May 24, 1965) In order to comply with the provisions of Sections 15, 16 and 16-A of Republic Act 632, as amended by Republic Act Nos. 1328 and 3051, the proceeds of the percentages tax levied on proprietors and operators of sugar centrals as provided for under Section 189 of Commonwealth Act 466, otherwise known as the National Internal Revenue Code, as amended, which are to constitute the Sugar Research and Stabilization Fund, must be physically segregated from other internal revenue collections and, together with the collections pertaining to the Highway Special Fund, remitted in a separate packet to the National Treasury to the credit of the Bureau of Internal Revenue. cdt So as to facilitate to the reporting and accounting of the fund referred to above, all collection agents and other collection officers are advised to record the collections from these funds in the same book of accounts in which the Highway Special Fund is being recorded in accordance with Revenue Memorandum Circular No. 23-65 dated May 24, 1965. Therefore, only collections from these two special funds should appear in the said book of accounts. Every time remittance is made, these two special funds shall be remitted under one remittance advice. At the end of the month, a single report of collections (separate from other internal revenue collections) shall be prepared for these two funds. However, the amount corresponding to each fund shall be properly identified in the report for the guidance of the Accounting Division in segregating the amounts that should accrue to each of the two special funds. This Circular supplements Revenue Memorandum Circular No. 23-65. For purposes of accounting, the two special funds mentioned in the second paragraph above shall be known as the Miscellaneous Special Funds. Any existing order or circular or provisions thereof which are inconsistent with this Circular are hereby superseded. This Circular takes effect immediately. (SGD.) MISAEL P. VERA Acting Commissioner of Internal Revenue