November 20, 2017
REVENUE REGULATIONS NO. 06-18
| SUBJECT | : | Revoking Revenue Regulations (RR) No. 12-2013 Thereby Reinstating the Provisions of Section 2.58.5 of RR No. 14-2002, as Amended by RR No. 17-2003 |
| TO | : | All Withholding Agents, Internal Revenue Officers, Employees and Others Concerned |
SECTION 1. Scope. — Pursuant to the provisions of Section 244, in relation to Section 34 (K) of the National Internal Revenue Code of 1997, as amended, these regulations are hereby promulgated to revoke RR No. 12-2013, relative to the requirements for deductibility of certain expenses, thereby reinstating the provisions of Section 2.58.5 of RR No. 14-2002, as amended by RR No. 17-2003.
SECTION 2. Requirements for Deductibility of Certain Expenses. — RR No. 12-2013 is hereby revoked, in effect, reinstating the provisions stated under RR No. 14-2002, as amended by RR No. 17-2003 to read as follows:
"Sec. 2.58.5. Requirements for Deductibility. — Any income payment which is otherwise deductible under the Code shall be allowed as a deduction from the payor's gross income only if it is shown that the income tax required...
