Schedule of Payments of Quarterly Corporate Income Taxes During the Transition Period as Provided for by P.D. No. 30

November 10, 1972 REVENUE REGULATIONS NO. 11-72 SUBJECT : Schedule of Payments of Quarterly Corporate Income Taxes During the Transition Period as Provided for by Presidential Decree No. 30, dated October 27, 1972 TO : All internal revenue officers and others concerned SECTION 1. Scope . Pursuant to Presidential Decree No. 30, dated October 27, 1972, the subject matter of which is "Amending the National Internal Revenue Code, as amended, by adding another supplement, to be known as "Supplement B", to Title II (Income Tax), by placing corporations on a tax withholding system", and Article 9 of H. No. 5480, the following regulations providing the Schedule of Quarterly Payments of Corporate Income Taxes during the transition period are hereby promulgated and shall be known as Revenue Regulations No. 11-72. SECTION 2. Period Covered . The Schedule of Payments of Income Taxes shall apply to income received beginning with taxable years starting after December 31, 1971. cdt SECTION 3. Who are liable to file the quarterly declarations and pay the tax thereon . All corporations subject to income tax under Section 24 of the National Internal Revenue Code, as amended. SECTION 4. Time for filing quarterly tax return and paying estimated income tax . A summary declaration of the net taxable income for the preceding quarter shall be filed and the income tax thereon computed in accordance with the provisions of Title II of the National Internal Revenue Code, as amended, shall be paid in accordance with the schedule. SECTION 5. Place of filing declaration and paying estimated income tax . The quarterly declaration shall be filed with, and the tax thereon paid to, the Commissioner of Internal Revenue, Regional Director, Revenue District Officer or the Collection Agent of the city or municipality in which is located the principal office and where the books of accounts and other data from which the return is prepared and kept. SECTION 6. Schedule of Payments . The schedule of payments to be made on income received after December 31, 1971 are as follows: (a) Taxable Year Ending December 31, 1972 (Calendar Year) 1st quarter January 1 to March 31, 1972 December 15, 1972 2nd quarter April 1 to June 30, 1972 February 15, 1973 3rd quarter July 1 to September 30, 1972 April 15, 1973 4th quarter October 1 to December 31, 1972 April 15, 1973 (b) Taxable Year Ending January 31, 1973 1st quarter February 1 to April 30, 1972 December 15, 1972 2nd quarter May 1 to July 31, 1972 February 15, 1973 3rd quarter August 1 to October 31, 1972 April 15, 1973 4th quarter November 1, 1972 to Jan. 31, 1973 May 15, 1973 (c) Taxable Year Ending February 28 1973 1st quarter March 1 to May 31, 1972 December 15, 1972 2nd quarter June 1 to August 31, 1972 February 15, 1973 3rd quarter September 1 to November 30, 1972 April 15, 1973 4th quarter December 1, 1972 to February 28, 1973 June 15, 1973 (d) Taxable Year Ending March 31, 1973 1st quarter April 1 to June 30, 1972 December 15, 1972 2nd quarter July 1 to September 30, 1972 February 15, 1973 3rd quarter October 1 to December 31, 1972 April 15, 1973 4th quarter January 1, 1973 to March 31, 1973 July 15, 1973 (e) Taxable Year Ending April 30, 1973 1st quarter May 1 to July 31, 1972 January 15, 1973 2nd quarter August 1 to October 31, 1972 March 31, 1973 3rd quarter November 1, 1972 to Jan. 31, 1973 May 31, 1973 4th quarter February 1, 1973 to April 30, 1973 August 15, 1973 (f) Taxable Year Ending May 31, 1973 2nd Installment [June 1, 1971 to May 31, 1972] December 15, 1972 1st quarter June 1 to August 31, 1972 February 15, 1973 2nd quarter September 1 to November 30, 1972 April 30, 1973 3rd quarter December 1 1972 to Feb. 28, 1973 June 30, 1973 4th quarter March 1, 1973 to May 31, 1973 September 15, 1973 (g) Taxable Year Ending June 30, 1973 2nd Installment [July 1, 1971 to June 30, 1972] January 15, 1973 1st quarter July 1, 1972 to September 30, 1972 March 15, 1973 2nd quarter October 1, 1972 to Dec. 31, 1972 May 15, 1973 3rd quarter January 1 to March 31, 1973 July 15, 1973 4th quarter April 1, 1973 to June 30, 1973 October 15, 1973 (h) Taxable Year Ending July 31, 1973 1st quarter August 1 to October 31, 1972 December 30, 1972 2nd installment [August 1 1972 July 31, 1972 February 15, 1973 2nd quarter November 1, 1972 to Jan. 31, 1973 April 1, 1973 3rd quarter February 1, 1973 to April 30, 1973 June 29, 1973 4th quarter May 1, 1973 to July 31, 1973 November 15, 1973 (i) Taxable Year Ending August 31, 1973 1st Installment [September 1, 1971 to August 31, 1972] December 15, 1972 1st quarter September 1 to November 30, 1972 January 29 1973 2nd Installment [September 1, 1971 to August 31, 1972 March 15, 1973 2nd quarter December 1, 1972 to Feb. 28, 1973 April 29, 1973 3rd quarter March 1, 1973 to May 31, 1973 July 30, 1973 4th quarter June 1, 1973 to August 31, 1973 December 15, 1973 (j) Taxable Year Ending September 30, 1973 1st Installment [October 1, 1971 to September 30, 1972] January 15, 1973 1st quarter October 1 to December 31, 1972 March 1, 1973 2nd Installment [October 1, 1971 to September 30, 1972] April 15, 1973 2nd quarter January 1 to March 31, 1973 May 30, 1973 3rd quarter April 1 to June 30, 1973 August 29, 1973 4th quarter July 1 to September 30, 1973 January 15, 1974 (k) Taxable Year Ending October 31, 1973 1st Installment [November 1, 1971 to October 31, 1972] February 15, 1973 1st quarter November 1, 1972 to Jan. 31, 1973 April 1, 1973 2nd Installment [November 1, 1971 to October 31, 1972] May 15, 1973 2nd quarter February 1 to April 30, 1973 June 29, 1973 3rd quarter May 1 to July 31, 1973 September 29, 1973 4th quarter August 1, 1973 to October 31, 1973 February 15, 1974 (l) Taxable Year Ending November 30, 1973 1st Installment [December 1, 1971 to November 30, 1972] March 15, 1973 1st quarter December 1, 1972 to Feb. 28, 1973 April 29, 1973 2nd Installment [December 1, 1971 to November 30, 1972] June 15, 1973 2nd quarter March 1, 1973 to May 31, 1973 July 30, 1973 3rd quarter June 1, 1973 to August 31, 1973 October 30, 1973 4th quarter September 1 to November 30, 1973 March 15, 1974 SECTION 7. Future payments of quarterly income tax . After the payments of the quarterly income taxes in accordance with the aforementioned schedule have been completed, the succeeding payments on a quarterly basis shall be made within sixty (60) days after the end of each quarter whether the corporation is on a calendar or fiscal year basis. SECTION 8. Effectivity . The provisions of this regulations are effective immediately. CESAR VIRATA Secretary of Finance Recommended By: MISAEL P. VERA Commissioner of Internal Revenue