(NAR) VOL. 11 NOS.1-4 / JANUARY – MARCH 2000
SECTION 2. Coverage . — Beginning January 1, 2000, general professional partnerships, professionals and persons described above shall be governed by the provisions of Revenue Regulation No. 7-95, as amended, otherwise known as the "Consolidated Value-Added Tax Regulations". Provided, however, that for purposes of these Regulations, a professional partnership shall be treated as a separate and distinct taxable person from the individual partners composing the partnership. Provided, further, that all gross receipts from sales of services rendered by the partners for and in the name of the partnership shall entirely be taxable against the partnership. Provide, finally, that sales of services made by any of the partners thereof in his personal and individual capacity shall not be attributed to the partnership but shall rather be taxable against such partner in his individual capacity.
SECTION 3. Repealing Clause . — Any revenue issuance inconsistent herewith is hereby amended, revoked, modified or repealed accordingly.
SECTION 4. Effectivity Clause . — These Regulations shall take effect beginning January 1, 2000.
Adopted: 27 Dec. 1999
(SGD.) SOLOMON S. CUA
Undersecretary of Finance
Officer in Charge
Recommending Approval:
(SGD.) BEETHOVEN L. RUALO
Commissioner of Internal Revenue