Amendment to Section 11(c) Regulations No. 17, as Amended by Revenue Regulations No. 7-62

December 12, 1966 REVENUE REGULATIONS NO. 05-66 SUBJECT : Amendment to Section 11(c) Regulations No. 17, as Amended by Revenue Regulations No. 7-62, both of the Department of Finance TO : All Internal Revenue Officers and Others Concerned SECTION 1. Section 11(c) of Regulations No. 17 as amended by Regulations No. 7-62, both of the Department of Finance, is hereby amended further to read as follows: Section 11(c) Manner of accounting for loose leaf tobacco purchased directly from the tobacco planters and shrinkage allowance before and after baling or packing From time to time as a wholesale leaf tobacco dealer may desire to bale loose leaf tobacco as shown by debit entries in his official register book for sale or transfer to authorized tobacco dealers, he shall draw a line under the last figures in the column for loose leaf tobacco, foot same, and make the following entry opposite thereto: "Transferred for Baling". The tobacco will then be packed in bales of standard weights and taken up on the column headed "Number of bales of each Denomination". This entry will show the date of packing, the number of bales and the standard weights. The total weights of the tobacco so baled will be deducted from the weight of loose leaf tobacco by the footing of the column above-mentioned and the difference will be shown as: "Loss through shrinkage", but this shrinkage should in no case exceed three per cent (3%) of the total leaf tobacco baled during the year, and any loose leaf tobacco left over shall be taken up in the proper column with the following notation placed before it: "Left over from baling". This entry will bear the same date as the entry of tobacco which has been baled which it will immediately follow. Tobacco purchased by wholesale leaf tobacco dealers directly from the tobacco planters in sticks or poles, shall be allowed a ten per cent (10%) shrinkage due to the handling of said loose leaf tobacco before it is baled or packed by the L-3 dealer-buyer. The said shrinkage allowance of ten per cent (10%) shall be deducted from the total gross weight of all tobacco purchased from the tobacco planters during the buying season. This shrinkage allowance shall be deducted immediately from the total gross weight of the loose leaf tobacco purchased. (excluding the weight of the sticks and poles of the loose leaf tobacco so purchase) before recording the resulting net weight in the purchase invoice or in the official register book of a duly licensed wholesale leaf tobacco dealer. SECTION 2. Date of effectivity . This regulation shall take effect upon promulgation in the Official Gazette. cdi EDUARDO Z. ROMUALDEZ Secretary of Finance Recommended by: MISAEL P. VERA Commissioner of Internal Revenue ATTACHMENT 1st Indorsement January 12, 1967 Respectfully returned to the Commissioner of Internal Revenue, Manila, the attached Revenue Regulations No. 5-66, dated December 12, 1966, amending Section 11(c) of Revenue Regulations No. 17 as amended by Revenue Regulations No. 7-62, relating to the manner of accounting for loose leaf tobacco before and after baling or packing, approved. EDUARDO Z. ROMUALDEZ Secretary December 22, 1966 The Honorable The Secretary of Finance M a n i l a S i r : I have the honor to forward to you herewith, the proposed Revenue Regulations No. 5-66, seeking to amend Section 11(c) of Revenue Regulations No. 17 as amended by Revenue Regulations No. 7-62, both of that Department, hereby recommending favorable action thereon. Very truly yours, MISAEL P. VERA Commissioner of Internal Revenue (Chairman, Tobacco Board) December 15, 1966 MEMORANDUM FOR: The Chairman Tobacco Board In compliance with the instructions of the presiding officers of the Tobacco Board in its meeting held yesterday in the Manila International Airport, the within prepared revenue regulations incorporating the ten per cent (10%) allowable shrinkage on loose leaf tobacco purchased by L-3 dealers directly from tobacco planters, which had been passed upon and unanimously approved is being transmitted to you herewith for whatever appropriate action thereon. Respectfully submitted, TURIANO C. ESCOTO Senior Statistician