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RR No. 13-2015: Amends further the provisions of Section 2.57.2 of Revenue Regulations (RR) No. 2-98, as amended by RR No. 7-2015

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Summary

RR No. 13-2015 further amends Section 2.57.2 of RR No. 2-98, as amended by RR No. 7-2015, on income payments on sugar.

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Key points

  1. Withholding rate. Gross payments on purchases of sugar are subject to one percent (1%) under item (AA) of Section 2.57.2.
  2. Mill share of sugar mills and refineries. For proprietors or operators of sugar mills or refineries on their mill share of locally produced raw cane sugar and raw sugar, the basis is the higher of two figures. These are the composite price per metric ton for the specified crop year shown in Annex A of the weekly Final Sugar Production Bulletin of the Sugar Regulatory Administration (SRA) on the date of sale, or the actual selling price.
  3. SRA transmittal. The SRA must officially send a copy of the weekly Final Sugar Production Bulletin to the Commissioner of Internal Revenue within twenty four (24) hours from the date of issuance.

Who is affected

  • Proprietors or operators of sugar mills and refineries
  • Purchasers of sugar

Deadlines and effectivity

  • SRA transmittal: within twenty four (24) hours from issuance of the bulletin

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.

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Cites, Cited by CollapseExpand
CitesRR No. 02-98RR No. 7-2015
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