AMENDING CERTAIN SECTIONS OF REVENUE REGULATIONS NO. 6-85 AS AMENDED BY REVENUE REGULATIONS NO. 12-94, OTHERWISE KNOWN AS THE EXPANDED WITHHOLDING TAX REGULATIONS
National Administrative Register [ BIR REGULATIONS NO. 16-94, September 05, 1994 ]
Pursuant to the provisions of Section 245, in relation to section 50(b), both of the National Internal Revenue Code, these regulations, amending Section 1(m) of Revenue Regulations No. 6-85, as amended by Revenue Regulations No. 12-94, are hereby promulgated.
SECTION 1. Section 1(m) of Revenue Regulations No. 6-85, as amended by Revenue Regulations No. 12-94, is hereby further amended to read as follows:
“(m) Certain income payments made by credit card companies – On the gross amount paid by any credit card company in the Philippines to any business entity, whether a natural or juridical person, representing the sales of goods/services made by the aforesaid business entity to cardholders – fifty percent (50%) of one percent (1%).”
SECTION 2. Effectivity – These Regulations shall take effect on October 1, 1994.”
Adopted: 05 September 1994
(SGD.) ROBERTO F. DE OCAMPO
Secretary of Finance
Recommending Approval:
(SGD.) LIWAYWAY VINZONS-CHATO
Commissioner