Amending Revenue Regulations No. 1-97

November 20, 1997 REVENUE REGULATIONS NO. 16-97 SUBJECT : Amending Revenue Regulations No. 1-97 TO : All Internal Revenue Officers and Others Concerned SECTION 1 . Scope . Pursuant to the provisions of Sections 4 and 245 of the National Internal Revenue Code, as amended, these Regulations are hereby promulgated to amend the time, manner and place of payment of excise tax for imported cigars and cigarettes. SECTION 2 . Time, Manner and Place of Payment or Excise Tax for Imported Cigars and Cigarettes . Section 8.2 of Revenue Regulations Nos. 1-97 is hereby amended to read as follows: prLL "Sec. 8.2. For Imported Cigars and Cigarettes. The excise tax on imported cigars and cigarettes shall be paid by the importer to the Customs Collector prior to the release of such goods from customs custody. The release of imported cigars and cigarettes from customs custody shall not be allowed without the presentation to the Collector of Customs of the original copy of the appropriate Permit to Import duly issued by the Revenue District Officer having jurisdiction over the importer's principal place of business prior to importation and the verification by the authorized customs officer of actual affixture of the internal revenue stamps to each and every pack of cigars and cigarettes as prescribed under Section 6 of these regulations." SECTION 3 . Repealing Clause . All regulations, rulings, orders or portions thereof which are inconsistent with the provisions of these regulations are hereby revoked and/or modified accordingly. SECTION 4 . Effectivity . These Regulations shall take effect fifteen (15) days after publication in a newspaper of general circulation in the Philippines. ROBERTO F. DE OCAMPO Secretary of Finance RECOMMENDING APPROVAL: LIWAYWAY VINZONS-CHATO Commissioner of Internal Revenue