Amending Revenue Regulations No. 8-72, implementing Presidential Decree No. 23 dated October 16, 1972

November 16, 1972 REVENUE REGULATIONS NO. 08-A-72 SUBJECT : Amending Revenue Regulations No. 8-72, implementing Presidential Decree No. 23 dated October 16, 1972 TO : All Internal Revenue Officers and others concerned Section 5(c) of Revenue Regulations No. 8-72 is hereby amended to read as follows: aisa dc "Section 5(c) If such previously untaxed income, or part thereof, consist of cash hoarded abroad, such cash must be repatriated and deposited with any bank in the Philippines or invested as entrepreneur capital, additional capital contribution or in new issues of capital stocks in any of the preferred areas of productive undertaking, to wit: 1. BIO registered enterprises; 2. NACIDA promoted industries; 3. BTTI sponsored tourist oriented projects; 4. Export oriented industries; 5. Banks: rural, private development, commercial; 6. Utilities: transport, communication, power; 7. Agricultural cooperatives; 8. Livestock and other agricultural development projects; 9. Foreign equity in domestic/resident corporations; 10. Insurance companies; or utilized in the purchase of new issues of the following instruments: 1. Government bonds; 2. Government securities other than treasury bills; 3. Government debentures; 4. Treasury notes." These regulations shall take effect immediately. cdt CESAR VIRATA Secretary of Finance Recommended by: MISAEL P. VERA Commissioner of Internal Revenue ANNEX A 1st Indorsement November 14, 1972 Respectfully returned to the Commissioner of Internal Revenue, Manila, Revenue Regulations No. 9-72 dated September 27, 1972, amending Sections 7(f) and 36(b)(1) and (2) of Revenue Regulations No. 17-67, otherwise known as "The Revenue Tobacco Inspection Regulations," approved. CESAR VIRATA Secretary ANNEX B September 27, 1972 The Honorable The Secretary of Finance Manila Sir: I have the honor to recommend the promulgation of Revenue Regulations No. 9-72 which amends Sections 7(f) and 36(b) (1) and (2) of Revenue Regulations No. 17-67, otherwise known as "The Revenue Tobacco Inspection Regulations." Very truly yours, MISAEL P. VERA Commissioner of Internal Revenue