March 31, 2015
REVENUE REGULATIONS NO. 07-15
| SUBJECT | : | Amending Further the Provision of Section 2.57.2 of Revenue Regulations No. 2-98, as Amended, Particularly Subsection (AA) as Introduced by Revenue Regulations No. 11-2014, Relative to the Income Payments on Locally Produced Raw Sugar and Other Matters |
| TO | : | All Internal Revenue Officials, Employees and Others Concerned |
SECTION 1. Scope. — Pursuant to the provisions of Section 244, in relation to Section 57 (B) of the National Internal Revenue Code (NIRC) of 1997, as amended, these Regulations are hereby promulgated to further amend the provisions of Section 2.57.2 of Revenue Regulations (RR) No. 2-98, as amended, particularly Subsections (AA) on income payments on locally produced raw sugar.
SECTION 2. Amendments. — Section 2.57.2 (AA) of RR No. 2-98, as amended, is hereby further amended to read as follows:
"(AA) Income payments on sugar. — On gross payments on purchases of sugar — One percent (1%)
1. Proprietors or operators of sugar mills/refineries on their mill share, and buyers of Quedans or Molasses Storage Certificates from the sugar planters on locally produced raw...
