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SECTION 1. SCOPE. - Pursuant to the provisions of Section 244, in relation to Section 57(B) of the National Internal Revenue Code (NIRC) of 1997, as amended,  these  Regulations  are  hereby  promulgated  to  further  amend  the pertinent provisions of Section 2.57.2 of Revenue Regulations (RR) No. 2-98, as last amended by RR No. 7-2015.

SEC. 2. AMENDMENTS.  - The pertinent provisions of Section 2.57.2 of RR No. 2-98, as amended by RR No. 7-2015, are hereby further amended to read as follows:

“(AA) Income payments on sugar. - On gross payments on purchases of sugar - One percent (1%)

1.   Proprietors or operators of sugar mills/refineries on their mill share, xxx:

1.1     For  locally   produced   raw  cane   sugar   and  raw  sugar   -  the composite price, in metric tons, governing the specified crop year of raw cane sugar and raw sugar as reflected in one of the reports (Annex “A”) under the weekly Final Sugar Production Bulletin duly issued by the Sugar Regulatory Administration  (SRA) on the date of sale, or actual selling price, whichever is higher.

It  shall  be  ensured   that  a  copy  of  the  weekly   Final  Sugar Production Bulletin be officially transmitted by the SRA to the Commissioner  of Internal  Revenue  within twenty four (24) hours from the date of issuance thereof.

xxx     xxx     xxx”

SEC. 3. REPEALING  CLAUSE. - All existing rules and regulations or parts thereof  which  are  inconsistent  with  the  provisions  of  these  Regulations  are hereby modified, amended, revoked or repealed accordingly.

SEC. 4 EFFECTIVITY – These Regulations shall take effect fifteen (15) days immediately following publication in a newspaper of general circulation.