Publishing Republic Act No. 4888, Amending Section 188(c) of the National Internal Revenue Code

September 14, 1967 REVENUE MEMORANDUM CIRCULAR NO. 39-67 SUBJECT : Publishing Republic Act No. 4888, Amending Section 188(c) of the National Internal Revenue Code TO : All Internal Revenue Officers and Others Concerned For the information and guidance of all concerned, there is quoted hereunder Republic Act No. 4888: prcd "Republic Act No. 4888 "AN ACT AMENDING SUBPARAGRAPH (c) OF THE FIRST PARAGRAPH OF SECTION ONE HUNDRED EIGHTY EIGHT OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED SIXTY SIX, AS AMENDED, (Re-equal incentives to agricultural, fisheries, minerals, and mineral products.) " Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled : "SECTION I. Subparagraph (c) of the first paragraph of Section one hundred eighty-eight of Commonwealth Act Numbered Four hundred sixty-six, as amended, is hereby further amended to read as follows: "Sec. 188. Transactions and persons not subject to percentage tax . In computing the tax imposed in Sections One hundred eighty-four, One hundred eighty-five, and One hundred eighty-six, transactions in the following commodities shall be excluded: "(a) . . . "(b) . . . "(c) Minerals and mineral products, whether in their original state or not when sold, bartered, or exchanged by the lessee, concessionaire or owner of the mineral land from which removed. "xxx xxx xxx." "Sec. 2. This Act shall take effect upon its approval. "Approved, June 17, 1967." Features of the Amendment The amendment consists of the phrase "whether in their original state or not", inserted into the provisions of subsection (c) of Section 188 of the Tax Code and modifying the terms "minerals" and "mineral products", thus placing minerals and mineral products under the same category as agricultural products and fish, and consequently, entitled to the same tax exemption as that enjoyed by the latter. All rules and doctrines heretofore promulgated, administratively or judicially, on the exemption of agricultural product may, therefore, be availed of in the implementation of the amendment. Effectivity Republic Act No. 4888 took effect on June 17, 1967. Enforcement All internal revenue officers and others charged with the enforcement of the internal revenue laws are enjoined to be guided accordingly. prll (SGD.) MISAEL P. VERA \ Commissioner of Internal Revenue APPROVED: (SGD.) EDUARDO Z. ROMUALDEZ Secretary of Finance