(NAR) VOL. 26 NO. 2/ APRIL - JUNE 2015
“ (AA) | Income payments of sugar. – On gross payments on purchases of sugar - One percent (1%) | ||
1. | Proprietors or operators of sugar mills/refineries on their mill share, and buyers of Quedans or Molasses Storage Certificates from the sugar planters on locally produced raw cane sugar, raw sugar and molasses shall withhold the creditable income tax and remit the same to the BIR based on the following, subject, however, to adjustment, when deemed necessary by the Commissioner, depending on the prevailing market price of raw cane sugar raw sugar and molasses: | ||
1.1 | For locally produced raw cane sugar and raw suqar – base price of ONE THOUSAND PESOS (P1,000.00) per FIFTY (50) kilogram (kg ) bag or actual selling price, whichever is higher. | ||
1.2 | For Molasses – base price of FOUR THOUSAND PESOS (P4,000.00) per metric ton or actual selling price, whichever is higher. | ||
2. | Buyers of refined sugar, whether locally produced or imported, shall withhold the creditable income tax based on the actual selling price thereof. | ||
For purposes of this subsection, the following terms shall have the following meaning: | |||
xxx xxx xxx | |||
(ix) | sugar-refers to raw cane sugar, raw sugar and refined sugar. | ||
The Regional Director/Revenue District Officer, which has jurisdiction over the physical location of the sugar mills/refineries, shall issue the Authority to Release Locally Produced Raw Sugar/Raw Cane Sugar/Molasses (Annexes “A” or “B”, or “C” as applicable) or Authority to Release Locally Refined Sugar (Annexes “D” or “E” as applicable) to the proprietors or operators, for purposes of allowing the transfer/withdrawal of their mill share, or to the buyers of Quedans or Molasses Storage Certificates on the locally produced sugar; Provided, however, That copies of proofs of payment of the creditable withholding tax due thereon (i.e, duly validated Monthly Remittance Return of Creditable Income Taxes Withheld (Expanded) [BIR Form No. 1601-E] and Bank Payment/Deposit Slip/Revenue Official Receipt [BlR Form No 2524]) shall have been submitted and attached to the written request for said authorization. | |||
xxx xxx xxx” |