Amending Revenue Regulations No. 16-2005; as Amended, to Implement Sections 294 (E) and 295 (D) of the NIRC of 1997, as Amended

August 22, 2003 REVENUE REGULATIONS NO. 23-03 SUBJECT : Implementing the Revised Tax Classification of New Brands of Alcohol Products and Variants Thereof Based on the Current Net Retail Prices Thereof as Determined in the Survey Conducted Pursuant to Revenue Regulations No. 9-2003 TO : All Internal Revenue Officers, Employees and Others Concerned SECTION 1 . Scope . Pursuant to Section 145, in relation to Section 244 of the National Internal Revenue Code (NIRC) of 1997, these Regulations are hereby promulgated to implement the revised tax classification of certain new brands of alcohol products including variants thereof which were introduced in the market after January 1, 1997 based on the nationwide survey of the current retail prices thereof conducted pursuant to Revenue Regulations No. 9-2003. SECTION 2 . Revised Tax Classification of New Brands of Alcohol Products . The new rates of excise tax on the new brands of alcohol products and variants thereof that were introduced in the market after January 1, 1997 as provided in Annex "A" hereof shall be imposed immediately upon the effectivity of these Regulations. SECTION 3 . Repealing Clause . The provisions of existing revenue regulations and issuances inconsistent herewith are hereby repealed, amended or modified accordingly. SECTION 4 . Effectivity . These Regulations shall take effect after fifteen (15) days following publication in a newspaper of general circulation. HcACST (SGD.) JOSE ISIDRO N. CAMACHO Secretary of Finance Recommending Approval: (SGD.) GUILLERMO L. PARAYNO, JR. Commissioner of Internal Revenue Summary of Net Retail Price Determination for Alcohol Products (Pursuant to Revenue Regulations No. 9-2003 and Revenue Memorandum Order No. 6-2003) Published in Manila Bulletin on Aug. 30, 2003.