REVENUE MEMORANDUM CIRCULAR NO. 49-2007 issued on July 19, 2007 lifts the suspension of certain provisions of Revenue Regulations (RR) No. 3-2006 provided  under Revenue Memorandum Circular (RMC) No. 10-2006. The provisions of the said RR under Sections 14, 20B and 23 (3), as well as the provisions of Section 25 (4), whichwas rendered ineffective by reason of the said suspension, shall be enforced effective August 1, 2007.

          Pursuant to the transitory provisions of Section 25 (3) of RR No. 3-2006, the Excise Tax due on under-bond ethyl alcohol held in possession by unqualified rectifiers and rectifiers-compounders as of July 31, 2007 shall be paid within 5 days from receipt of their respective notice of disqualification. On the other hand, pursuant to the transitory provisions of Section 25 (4) of the same Regulations, the Excise Tax due on all underbond ethyl alcohol owned by distillers that are stored outside their distillery plants as of July 31, 2007 shall be paid within 5 days from receipt of their respective notice of revocation of permit to maintain under-bond storage facilities. The prescribed inventory lists duly attested by the Revenue Officers assigned on the establishments of the said excise taxpayers shall be submitted to the Chief, LT Assistance Divisions II (LTAD II) or the Heads of Excise Tax Areas, as the case maybe, on or before August 5, 2007.

           All concerned Heads of Excise Tax Areas shall transmit the inventory lists to the Chief, LTAD II within 24 hours from the actual date of receipt thereof. The notices of disqualification and revocation of permit to maintain under-bond storage facilities shall be approved and issued to the concerned excise taxpayers not later than 5 days from receipt/submission of the inventory lists. Failure to submit the said inventory list or to submit the same beyond the prescribed deadline shall not prevent the issuance of disqualification and revocation notices. Furthermore, the Excise Tax due thereon, including the appropriate penalties, shall be reckoned from the prescribed cut-off date of July 31, 2007.