Deferment of the Implementation of the Effectivity of Revenue Regulations No. 7-93 from 1993 to 1994

November 8, 1993 REVENUE MEMORANDUM CIRCULAR NO. 63-93 SUBJECT : Deferment of the Implementation of the Effectivity of Revenue Regulations No. 7-93 from 1993 to 1994 TO : All Internal Revenue Officials and Others Concerned For the information and guidance of all concerned, quoted hereunder is the full text of the Unnumbered Memorandum dated November 16, 1993 of the Commissioner of Internal Revenue duly approved by the Undersecretary and Officer-in-Charge Romeo L. Bernardo of the Department of Finance. "Revenue Regulations No. 7-93 require the filing and payment of the quarterly income tax returns, using BIR Form 1701Q, by self-employed and professionals. Said regulations were approved on March 9, 1993 and were published in the Manila Bulletin on April 20, 1993 thereby making it effective fifteen (15) days after publication, pursuant to Executive Order No. 200. However, the implementation of said regulations is hereby deferred due to time constraints in the procurement process of the tax forms (BIR Form 1701Q), to give ample time for the BIR to disseminate the new requirements and for the taxpayers to adequately prepare for complying with the quarterly filing. cd i The effective date of implementation of said regulations will therefore be in 1994 when the first quarterly return for 1994 will be filed not later than May 15, 1994. (Sgd.) LIWAYWAY VINZONS-CHATO Commissioner of Internal Revenue APPROVED: (Sgd.) ROMEO L. BERNARDO Undersecretary and Officer-in-Charge" All revenue officials and employees are enjoined to give this circular as wide a publicity as possible. aisa dc LIWAYWAY VINZONS-CHATO Commissioner of Internal Revenue