Amending Sections 4.109-1 (B) (1) (s), (t) and (u) of Revenue Regulations (RR) No. 16-2005, as Amended, Relative to Sale, Importation or Lease of Passenger or Cargo Vessels and Aircraft, Including Engine, Equipment and Spare Parts Thereof for Domestic or International Transport Operations

December 28, 2015REVENUE REGULATIONS NO. 15-15SUBJECT:Amending Sections 4.109-1 (B) (1) (s), (t) and (u) of Revenue Regulations (RR) No. 16-2005, as Amended, Relative to Sale, Importation or Lease of Passenger or Cargo Vessels and Aircraft, Including Engine, Equipment and Spare Parts Thereof for Domestic or International Transport Operations   TO:All Internal Revenue Officers and Others Concerned SECTION 1. Scope. — Pursuant to the provisions of Sections 109 (T) and 244, in relation to Section 245 of the National Internal Revenue Code of 1997 (Tax Code), as amended, these Regulations are hereby promulgated to amend provisions of Revenue Regulations (RR) No. 16-2005, as amended. aDSIHcSECTION 2. Amendment. — Section 4.109-1 (B) (1) of RR 16-2005, as amended, is hereby further amended by revising Section 4.109-1 (B) (1) (s) and deleting Sections 4.109-1 (B) (1) (t) and (u). Accordingly, Sections 4.109-1 (B) (1) (s), (t) and (u) of RR 16-2005, as amended shall now read as follows:"SECTION 4.109-1. VAT-Exempt Transactions. —xxx xxx xxx(B) Exempt transactions. —(1) Subject to the provisions of Subsection (2) hereof, the following transactions shall...