Summary
RMC No. 49-2007 lifts the suspension, made under RMC No. 10-2006, of certain provisions of Revenue Regulations (RR) No. 3-2006 on excise tax on under-bond ethyl alcohol.
Key points
- Provisions enforced. Sections 14, 20B and 23 (3) of RR No. 3-2006, and Section 25 (4), which was rendered ineffective by the suspension, are enforced effective August 1, 2007.
- Unqualified rectifiers. Under Section 25 (3), the Excise Tax on under-bond ethyl alcohol held by unqualified rectifiers and rectifiers-compounders as of July 31, 2007 is paid within 5 days from receipt of the notice of disqualification.
- Distillers’ stored alcohol. Under Section 25 (4), the Excise Tax on under-bond ethyl alcohol owned by distillers and stored outside their distillery plants as of July 31, 2007 is paid within 5 days from receipt of the notice of revocation of permit to maintain under-bond storage facilities.
- Inventory lists and notices. Attested inventory lists go to the Chief, LTAD II or the Heads of Excise Tax Areas on or before August 5, 2007, and Heads of Excise Tax Areas send them to the Chief, LTAD II within 24 hours of receipt. Notices of disqualification and revocation are issued not later than 5 days from receipt of the lists, and a missing or late list does not stop them. The Excise Tax and penalties are reckoned from the cut-off date of July 31, 2007.
Who is affected
- Unqualified rectifiers and rectifiers-compounders
- Distillers with under-bond ethyl alcohol stored outside distillery plants
Deadlines and effectivity
- Enforcement: effective August 1, 2007
- Cut-off date: July 31, 2007
- Inventory lists: on or before August 5, 2007
- Excise Tax payment: within 5 days from receipt of notice
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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