Republic of the Philippines

DEPARTMENT OF FINANCE Roxas Boulevard Comer Vito Cruz Street Manila 1004

DEPARTMENT ORDER No. 16 January 1998

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Pursuant to Republic Act 7844, otherwise known as the Export Development Act of 1994 and in order to "fast track" the evaluation and issuance/approval of tax credit certificates for claim on export revenue increment for the period 1995 and 1996, the following directives are hereby issued:

The Task Force created under Center Personnel Order No. 97-34 is hereby empowered to receive, verify, evaluate applications, and thereafter to issue/approve the corresponding tax credit certificates for claims on export revenue increment. The Task Force is also directed to process and monitor applications for tax credit transfer to ensure compliance with Section 4, Rule 7 of the Implementing Rules and Regulations. Subject to the provision on Section 5 of the Supplemental Rules and Regulations to Implement Section 16 (D) of Republic Act 7844, tax credit certificates issued under this Order shall be subject to the condition that the Bureau of Internal Revenue (BIR) shall issue thereafter the necessary certification provided for in the said Supplemental Rules within a reasonable time and subject to subsequent adjustment after post verification is made. Insofar as tax credit certificates concerning export revenue increment, no tax debit memo shall be issued by any government agencies without prior clearance from the CENTER. Subsequent action by other government agencies, including issuance of tax debit memo may only be undertaken on the basis of the tax debit memo issued by the CENTER.

For immediate compliance.

ROBERTO F.'DE OC Secretary'

PHILIPPINES

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