Amendment to Revenue Regulations No. 7-78

July 31, 1978 REVENUE REGULATIONS NO. 10-78 SUBJECT : Amendment to Revenue Regula tions No. 7 -78 TO : All Internal Revenue Officers and Others Concerned SECTION 1. Scope. Pursuant to Section 326 in relation to Section 4, both of the National Internal Revenue Code of 1977, as amended, the following regulations amending the transitory provision of Revenue Regulations No. 7-78, are hereby promulgated and shall be known as Revenue Regulations No. 10-78. SECTION 2. Section 7 of Revenue Regulations No. 7-78 is hereby amended as follows: "SEC. 7. Transitory Provision. To provide a cut-off date for the effective enforcement of these regulations, all taxpayers covered by the provisions of Section 195 of the National Internal Revenue Code of 1977, as amended by P.D. No. 1357, shall submit in duplicate to the Commissioner of Internal Revenue not later than August 31, 1978 an inventory of their raw materials, parts, accessories, goods in process and finished goods as of June 30, 1978. The list shall contain the following information: HIEAcC (a) Description of each item of inventory; (b) Indications as to whether the item of inventory is directly imported or locally purchased or locally manufactured; (c) Quantity; (d) Unit Price; (e) Total value; and (f) Any percentage, mining or specific taxes appropriately classified, the corresponding rate, and the amount paid therefor. STADIH If the sales tax on an inventory item acquired on or before June 30, 1978 cannot be ascertained and/or was not billed separately in accordance with these regulations, a tax credit equivalent to the appropriate rate prescribed on the date the item was acquired may be imputed for purposes of computing the quarterly percentage tax on sales. (SGD.) PEDRO M. ALMANZOR Acting Minister of Finance RECOMMEND BY: (SGD.) EFREN I. PLANA Acting Commissioner of Internal Revenue TAN-P4519-52828-4-8