Amending certain Sections of Revenue Regulations No. 6-85 as amended by Revenue Regulations No. 12-94, otherwise known as the Expanded Withholding Tax Regulations.

September 5, 1994 REVENUE REGULATIONS NO. 16-94 SUBJECT : Amending Certain Sections of Revenue Regulations No. 6-85 a s Amended by Revenue Regulations No. 12-9 4, Otherwise Known as the Expanded Withholding Tax Regulations TO : All Internal Revenue Officers, Withholding Tax Agents, and Others Concerned Pursuant to the provisions of Section 245, in relation to Section 50(b), both of the National Internal Revenue Code, these regulations, amending Section 1(m) of Revenue Regulations No. 6-85, as amended by Revenue Regulations No. 12-94, are hereby promulgated. SECTION 1 . Section 1(m) of Revenue Regulations No. 6-85, as amended by Revenue Regulations No. 12-94, is hereby further amended to read as follows: "(m) Certain income payments made by credit card companies . On the gross amount paid by any credit card company in the Philippines to any business entity, whether a natural or juridical person, representing the sales of goods/services made by the aforesaid business entity to cardholders fifty percent (50%) of one percent (1%)." SECTION 2 . Effectivity . These Regulations shall take effect on OCTOBER 1, 1994. ROBERTO F. DE OCAMPO Secretary of Finance Recommending Approval: LIWAYWAY VINZONS-CHATO Commissioner