Publication of loss of documentary stamp metering machines due to theft, fire, destruction, or cessation of use in business operations

September 26, 1985 REVENUE REGULATIONS NO. 09-85 SUBJECT : Publication of Loss of Documentary Stamp Metering Machines Due to Theft, Fire, Destruction, or Cessation of Use in Business Operations TO : All Internal Revenue Officers and Others Concerned Pursuant to the provisions of Section 326, in relation to Section 4 of the National Internal Revenue Code, as amended, herein regulations are promulgated to govern the manner of reporting the loss of duly authorized documentary stamp metering machines due to theft, fire or destruction and non-use thereof by reason of cessation of business operations. SECTION 1 . Inspection of documentary stamp metering machines . The Revenue District Officer or his duly authorized representative shall conduct periodic inspection of the machine in the custody or possession of officer or person authorized to use the machine for the purpose of determining security and regularity in the use thereof. The Revenue District Officer shall have the power to confiscate the machine in cases where the seal of the metering machine is tampered with or after discovery of irregularities in the use of the machine. aisa dc SECTION 2 . Surrender of documentary stamp metering machine . In case of cessation of the business operations of the person authorized to use the machine, said machine shall be surrendered to the Revenue District Officer where registered. Thereafter, the machine may be sold at public auction or in a negotiated sale by the Revenue District Officer with the concurrence of the owner of the machine. Metering machines which have outlived their usefulness due to obsolescence or wear and tear shall be surrendered for destruction to the Revenue District Office where they are registered. A certificate to that effect shall be issued to the owner by the Revenue District Officer Concerned. cd i SECTION 3 . Notice and publication of loss . Within twenty-four hours after the discovery of loss of documentary stamp metering machines due to theft, fire or destruction, or any other cause, the Office or person responsible for the use of the machine shall submit a report establishing the circumstances surrounding the loss of destruction thereof. The report shall be submitted to the Revenue District Officer of the Revenue District where the machine is registered and authorized in accordance with the provisions of Revenue Memorandum Order No. 20-77. Simultaneous with the submission of the report of loss or destruction, the officer or person authorized to use the machine shall cause the publication of the loss or destruction in a newspaper of general circulation, once a week for three consecutive weeks. SECTION 4 . Verification of loss . Upon receipt of the report of loss or destruction and submission of proof of publication of loss or destruction, the Revenue District Officer concerned shall cause an investigation of the incident and submit a report thereon to the Revenue Service Chief, Inspection Service, within thirty days from notice of loss. SECTION 5 . Repealing Clause . Provisions of existing rules and regulations in conflict herewith are deemed revoked. SECTION 6 . Effectivity . These regulations shall take effect immediately. (SGD.) CESAR E.A. VIRATA Minister of Finance Recommending Approval: (SGD.) TOMAS C. TOLEDO Acting Commissioner