Amendment to Section 11(c), Regulations No. 17 of the Department of Finance

September 21, 1962 REVENUE REGULATIONS NO. 07-62 SUBJECT : Amendment to Section 11(c), Regulations No. 17 of the Department of Finance TO : All Internal Revenue Officers and Other Concerned SECTION 1. Section 11(c) of Regulations No. 17 of the Department of Finance is hereby amended to read as follows: cdta "Sec. 11(c). Manner of accounting for loose tobacco when baled . From time to time, as a wholesale LEAF TOBACCO dealer may desire to bale LOOSE LEAF tobacco [to his official register for manufacturers or tobacco buyers] as shown by debit entries [of loose tobacco carried] in his OFFICIAL register book, FOR SALE OR TRANSFER TO AUTHORIZED TOBACCO BUYERS, he shall draw a line under the last figures in the column for loose 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 take up in the columns headed "Number of Bales of Each Denomination." This entry will show the date of packing, the number of bales and their standard weights. The total weight of the tobacco so baled will be deducted from the weight of loose 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 3% OF THE TOTAL LOOSE LEAF TOBACCO PURCHASED DURING THE YEAR, and any loose 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." SECTION 2. Date of Effectivity : These regulations shall take effect upon promulgation in the Official Gazette. cdt RODRIGO PEREZ, JR. Acting Secretary of Finance Recommended by: JOSE B. LINGAD Acting Commissioner of Internal Revenue ATTACHMENT DEPARTMENT OF FINANCE Manila 1st Indorsement October 9, 1962 Respectfully returned to the Commissioner of Internal Revenue, Manila, the within Revenue Regulations No. 7-62 dated September 27, 1962, amending Section 11(c) of Regulations No. 17 of this Department, otherwise known as the Leaf Tobacco Regulations, approved. RODRIGO D. PEREZ, JR. Acting Secretary October 26, 1962 The Director Bureau of Printing M a n i l a S i r : I have the honor to enclose herewith a copy of Revenue Regulations No. 7-62 dated September 21, 1962, with the request that said regulations be published in the Official Gazette. Payment will be made on your bill upon its receipt by this Office. Very truly yours, JOSE B. LINGAD Acting Commissioner of Internal Revenue