Revenue Regulations Amending Revenue Regulations No. 13-78, as amended.

August 4, 1982 REVENUE REGULATIONS NO. 05-82 SUBJECT : Revenue Regulations Amending Revenue Regulations No. 13-78, as Amended TO : All Internal Revenue Officers and Others Concerned P ursuant to the provisions of Presidential Decree No. 1351 and in accordance with the provisions of Section 326 in relation to Section 4 of the National Internal Revenue Code of 1977, as amended, the following Regulations amending Revenue Regulations No. 13-78 as amended are hereby promulgated and shall be known as Revenue Regulations No. 5-82 . acd SECTION 1 . Section 1(h) of Revenue Regulations No. 13-78, as amended by Revenue Regulations No. 6-79 and Revenue Regulations No. 3-82 is hereby further amended to read as follows: "(h) Interest Payments on Bonds or Similar Indebtedness . On interest payments on bonds or similar evidences of indebtedness, except interest or other payments on tax-free covenant bonds which are subject to withholding under Section 53(a) of the Tax Code, issued by any corporation and by all government agencies including government-owned or controlled corporations fifteen per centum (15%); Provided, however , that interest and discounts earned from Treasury bills and notes issued by the Republic of the Philippines shall not be subject to withholding under this subsection." SECTION 2 . Section 3 of Revenue Regulations No. 13-78, as amended by Revenue Regulations No. 6-79 and Revenue Regulations No. 3-82 is hereby further amended to read as follows: "Sec. 3. Time of Withholding . The obligations of the payor to deduct and withhold under these regulations arises at time an income which is subject to withholding under Section 1 hereof is payable or paid." SECTION 3 . Effectivity . These regulations shall take effect upon approval and shall apply to bonds or similar evidence of indebtedness issued beginning August 15, 1982. CESAR A. VIRATA Minister of Finance Recommending Approval: RUBEN B. ANCHETA Acting Commissioner