Amending Section 6 of Revenue Regulations No. 3-64, Re-filing of Percentage Tax Return and Payment of the Tax Due Thereon

January 22, 1965 REVENUE REGULATIONS NO. 05-65 SUBJECT : Amending Section 6 of Revenue Regulations No. 3-64, Re-filing of Percentage Tax Return and Payment of the Tax Due Thereon TO : All Internal Revenue Officers and Others Concerned Pursuant to Section 338, in relation to Section 4(j) of Commonwealth Act No. 466, otherwise known as the National Internal Revenue Code, the following regulations amending Section 6 of Revenue Regulations No. 3-64 are hereby promulgated and shall be known as Revenue Regulations No. 5-65. cdtech SECTION 1. Section 6 of Revenue Regulations No. 3-64 is hereby amended to read as follows: "Section 6. Keeping of records . The books of accounts and other records from which the figures shown in the percentage tax return were based should always be kept on file at the principal place of business of the taxpayer and shall be subject to inspection by internal revenue officers duly authorized to examine the books of accounts of the said taxpayer. "Invoices, receipts and other supporting papers and documents relating to deductions from sales or receipts should be filed separately, kept and preserved in the manner prescribed by Revenue Regulations No. V-1. DEDUCTION OF THE COST OF RAW MATERIALS USED IN THE MANUFACTURE OR PRODUCTION OF THE ARTICLES SOLD SHALL NOT BE ALLOWED, UNLESS THE INVOICES SUPPORTING THE SOURCE THEREOF SHOW THE KIND OR DESCRIPTION OF THE RAW MATERIALS AND THE RATE OF TAX TO WHICH THEY HAVE BEEN SUBJECTED AS PROVIDED BY SECTION 15 OF THE AFORESAID REGULATIONS, AS AMENDED." "The books of accounts and other records shall be maintained for a period of five years from the date of the last entry in the said books and records." SECTION 2. Effectivity . These regulations shall take effect upon publication in the Official Gazette. cdll RUFINO G. HECHANOVA Secretary of Finance Recommended by: BENJAMIN N. TABIOS Acting Commissioner of Internal Revenue ATTACHMENT January 25, 1965 The Honorable The Secretary of Finance Manila S i r : I have the honor to forward herewith for approval proposed Revenue Regulations No. 5-65 amending Section 6 of Revenue Regulations No. 3-64, re-filing of percentage tax return and payment of the tax due thereon. Very truly yours, BENJAMIN N. TABIOS Acting Commissioner of Internal Revenue 1st Indorsement March 18, 1965 Respectfully returned to the Commissioner of Internal Revenue, Manila, hereby approving the proposed REVENUE REGULATIONS NO. 5-65, dated January 22, 1965, amending Section 6 of Revenue Regulations No. 3-64, Re-filing of percentage tax return and payment of the tax due thereon. RUFINO G. HECHANOVA Secretary April 14, 1965 The Director Bureau of Printing Manila S i r : I have the honor to forward herewith a copy of Revenue Regulations No. 5-65, dated January 22, 1965 the subject of which is "Amending Section 6 of Revenue Regulations No. 3-64, Re-filing of percentage tax return and payment of the tax due thereon" with the request that it be published in the first available issue of the Official Gazette. aisadc Very truly yours, MISAEL P. VERA Deputy Commissioner of Internal Revenue