Amending Section 15 of Revenue Regulations No. 7-67

December 3, 1982 REVENUE REGULATIONS NO. 09-82 SUBJECT : Amending Section 15 of Revenue Regulations No. 7-67 RE : Tax Reporting on Printed Positive Cinematographic Films TO : All Internal Revenue Officers and Others Concerned Pursuant to the provisions of Section 326, in relation to Section 4 of National Internal Revenue Code, as amended, Revenue Regulations No. 7-67, dated May 2, 1967, is hereby amended as follows: SECTION 1 . Section 15 of Revenue Regulations No. 7-67 is hereby amended as follows. "Sec. 15. (a) Requirements Before Removal of the Film . After production of the film is finished and the same is ready for public exhibition, the producer thereof shall, before removal of the film from the place of production, file with the Commissioner of Internal Revenue, a declaration on (i) Title of the film produced; (ii) its length in linear meters; (iii) its width in millimeters; and (iv) the total number of copies of the film produced for public exhibition. Upon receipt of the said declaration, a duly authorized Internal Revenue Officer shall proceed to inspect the finished films and shall cause the assessment of the corresponding specific taxes due thereon. Upon payment of the specific taxes due on the finished films, the film producer shall be issued a "CINEMATOGRAPHIC FILM WITHDRAWAL CERTIFICATE" (BIR ACCOUNTABLE FORM NO. 2.70) evidencing payment of the specific taxes and authorization for the removal of the film from the place of production and the thereupon exhibition thereof for public viewing. The declaration required in this subsection shall be considered as the tax return of the film producer for purposes of the specific taxes payable on the cinematographic films. cd (b) Cost of Production Statement . Within fifteen (15) days from the date of removal of the finished film from the place of production, and payment of the specific taxes due thereof, the film producer shall file with the Commissioner of Internal Revenue, a sworn statement (BIR FORM NO. 10.03) on the total production cost of the cinematographic film. The cost statement shall be detailed and must show the cost of films and other materials used, the talent fee of the principal actors and actresses, as well as that of the production staff, and such other items of production cost. Taxes withheld on expenditures/costs on which the law/s required withholding of the tax must be shown in the sworn statement. This sworn statement shall be used as a basis in determining the income tax liability of the film producer as well as the tax liabilities of other persons involved in the making/production of the finished film. cd SECTION 2 . Effectivity These regulations shall take effect fifteen (15) days from the date of publication in newspapers of general circulation. CESAR VIRATA Minister of Finance Recommending Approval: RUBEN B. ANCHETA Acting Commissioner