Amendment to Section 24 of Revenue Regulations No. 2

November 4, 1964 REVENUE REGULATIONS NO. 07-64 SUBJECT : Amendment to Section 24 of Revenue Regulations No. 2 TO : All Internal Revenue Officers and Others Concerned Pursuant to the provisions of Section 338 of Commonwealth Act No. 466, otherwise known as the National Internal Revenue Code, the following regulations amending Section 24 of Revenue Regulations No. 2 are hereby promulgated and shall be known as Revenue Regulations No. 7-64. lexlib SECTION 1. Paragraph 2 of Section 24 of Revenue Regulations No. 2 of the Department of Finance is hereby amended to read as follows: "Section 24. Proof of Exemption . In order to establish its exemption, and thus be relieved of the duty of filing returns of income and paying the tax, it is necessary that every organization claiming exemption file an affidavit with the Commissioner of Internal Revenue, showing the character of the organization, the purpose for which it was organized, its actual activities, the sources of its income and its disposition, whether or not any of its income is credited to surplus or inures or may inure to the benefit of any private shareholder or individual, and in general, all facts relating to its operations which affect its right to exemption. To such affidavit should be attached a copy of the charter or articles of incorporation, the by-laws of the organization, and the latest financial statement showing the assets, liabilities, receipts, and disbursements of the organization. "Upon receipt of the affidavit and other papers by the Commissioner of Internal Revenue, the organization will be informed whether or not it is exempt. When an organization has established its right to exemption, it need not thereafter make and file a return of income as required under Section 46 of the Tax Code . However, the organization should file on or before April 15 of each year, an annual information return under oath, stating its gross income and expenses incurred during the preceding year, and a certificate showing that there has not been any substantial change in its By-Laws, Articles of Incorporation, manner of operation and activities as well as sources and disposition of income ." SECTION 2. Date of 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 1st Indorsement November 25, 1964 Respectfully returned to the Commissioner of Internal Revenue, Manila, hereby approving the proposed REVENUE REGULATIONS NO. 7-64 dated November 4, 1964, amending Section 24 of Revenue Regulations No. 2, otherwise known as the Income Tax Regulations. RUFINO G. HECHANOVA Secretary November 5, 1964 The Honorable The Secretary of Finance M a n i l a S i r : I have the honor to forward herewith for approval, proposed Revenue Regulations No. 7-64 amending Section 24 of Revenue Regulations No. 2, otherwise known as the Income Tax Regulations. Very truly yours, BENJAMIN N. TABIOS Acting Commissioner of Internal Revenue December 10, 1964 The Director Bureau of Printing M a n i l a S i r : I have the honor to forward herewith a copy of Revenue Regulations No. 7-64, the subject of which is an "Amendment to Section 24 of Revenue Regulations No. 2", dated November 4, 1964, with the request that it be published in the Official Gazette on its first available issue. lexlib Very truly yours, MISAEL P. VERA Deputy Commissioner of Internal Revenue