Amendment to Revenue Regulations No. 8-78

July 31, 1978 REVENUE REGULATIONS NO. 11-78 SUBJECT : Amendment to Revenue Regul ations No. 8 -78 TO : All Internal Revenue Officers and Others Concerned SECTION 1. Scope. Pursuant to the provisions of 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. 8-78, are hereby promulgated and shall be known as Revenue Regulations No. 11-78. SECTION 2. Section 10 of Revenue Regulations No. 8-78 is hereby amended as follows: "SEC. 10. Transitory Provision. To provide for an effective enforcement of these Regulations, all taxpayers subject to the percentage taxes imposed in Section 194, 196, 197, 198, 199 and 201 shall submit in duplicate to the Revenue District Officer of the place where their principal office is located 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, specific or mining tax paid and the corresponding rate of such taxes. 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 RECOMMENDING APPROVAL: (SGD.) EFREN I. PLANA Acting Commissioner of Internal Revenue TAN: P4519-F2828-A-8