Amendment to Section 25 of Revenue Regulations No. V-39, Otherwise Known as the Tobacco Products Regulations

May 4, 1959 REVENUE REGULATIONS NO. V-68 SUBJECT : Amendment to Section 25 of Revenue Regulations No. V-39, Otherwise Known as the Tobacco Products Regulations TO : All Internal Revenue Officers and Others Concerned Pursuant to the provisions of Section 338, in relation to Section 4 (b) of Commonwealth Act No. 466, otherwise known as the National Internal Revenue Code, the following regulations amending Section 25 of Revenue Regulations No. V-39, are hereby promulgated and shall be known as Revenue Regulations No. V-68. SECTION 1. Section 25 of Revenue Regulations No. V-39 is hereby amended to read as follows: Section 25. Manner of making assessments for deficiencies in raw materials. The record of raw materials contained in the official register book, L-7, kept by a manufacturer in accordance with the provisions of these regulations will be used as a basis for ascertaining the amount of the specific tax due from him, and whenever at any time the quantity of the raw materials and the manufactured or partially manufactured products on hand, those lawfully removed from the factory, plus waste removed or destroyed by an internal revenue officer and the allowance provided in section 24 (a) hereof is less than the quantity of raw materials received by the manufacturer, such shortage of raw materials shall be presumed to have been turned into manufactured products of tobacco and removed from the factory for domestic consumption without the payment of tax, and the Commissioner of Internal Revenue will estimate the amount of tax due, make assessment thereon, and certify same to the proper internal revenue officer for collection. The provisions of this section shall not prejudice the right of the Government to bring suits in the courts for the recovery of fines, penalties, or forfeitures in proper cases. SECTION 2. Date of Effectivity. These regulations shall take effect upon promulgation in the Official Gazette. IaSAHC JAIME HERNANDEZ Secretary of Finance RECOMMENDED BY: JOSE ARAAS Commissioner of Internal Revenue