June 16, 1948
REVENUE REGULATIONS NO. V-3
| SUBJECT | : | Sales Tax Regulations |
| TO | : | All Internal Revenue Officers and Others Concerned |
SECTION 1. Scope. — Pursuant to the authority granted in sections 183 and 338 of Commonwealth Act No. 466, otherwise known as the National Internal Revenue Code, the following regulations relative to the assessment and collection of the sales tax on imported, manufactured and locally produced articles are hereby promulgated, and shall be known as Revenue Regulations No. V-3 or "Sales Tax Regulations". HTDAac
SECTION 2. Payment of Sales Tax on Imported, Manufactured and Locally Produced Articles. — (A) Imported articles. — In the case of imported articles, the percentage taxes established in sections 184, 185 and 186 of the National Internal Revenue Code shall be paid in advance by the importer prior to the release of such articles from customs' custody. The percentage taxes shall be based on the total value of the imported articles at the time they are received by the importer, including freight, postage, insurance, commission, customs' duty, and all similar charges. (Sec....
