Submission of Manufacturing Statement and Schedule of Payments of Advance Sales Tax and Manufacturer's Sales Tax

December 5, 1975 REVENUE REGULATIONS NO. 07-75 SUBJECT : Submission of Manufacturing Statement and Schedule of Payments of Advance Sales Tax and Manufacturer's Sales Tax TO : All Internal Revenue Officers and Others Concerned Pursuant to Section 338 in relation to Section 4(1), both of the National Internal Revenue Code, as amended, the following regulations are hereby promulgated and shall be known as Revenue Regulations No. 7-75: cdt SECTION 1. Scope . These regulations shall be applicable to all manufacturers. SECTION 2. Every person, natural or juridical, engaged in manufacturing, shall, in filing their income tax return for the preceding taxable year, submit the following attachments duly certified as annexes to their usual financial statements: (a) A manufacturing statement in accordance with the following form: MANUFACTURING STATEMENT For the Period Ended __________ Raw Materials Inventory-Beginning: Local P________ Imported ________ P_________ Add: Raw Materials Purchased: Local P________ Imported ________ P_________ Total Raw Materials Handled P_________ Less: Raw Materials Inventory End: Local P________ Imported ________ _________ Total Raw Materials Used P_________ Add: Direct Labor _________ PRIME COST P_________ Add: Manufacturing Overhead (a) __________________ P________ (b) __________________ ________ (c) __________________ ________ _________ Total Manufacturing Cost P_________ Add/Deduct: Inventory Variance Goods in process Beginning P________ Goods in process End ________ _________ TOTAL COST OF GOODS MANUFACTURED P_________ (b) Schedule of payment of: (1) Advance sales taxes, indicating the rate of tax applied, the amount of AST paid and the corresponding Official Receipts and date of payment; and, aisa dc (2) Manufacturer's sales taxes, indicating the manufactured product, the rate of tax applied, the amount of sales tax paid and the corresponding Official Receipts of payment. SECTION 3. These regulations shall take effect immediately. CESAR VIRATA Secretary of Finance Recommended by: EFREN I. PLANA Acting Commissioner