REVENUE REGULATIONS NO. 7-2015 issued on March 31, 2015 amends further the provision of Section 2.57.2 of Revenue Regulations (RR) No. 2-98, as amended, particularly Subsection (AA) as introduced by RR No. 11-2014, relative to the income payments on locallyproduced raw sugar. Section 2.57.2 (AA) of RR No 2-98, as amended, was 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, 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 sugar – base price of ONE THOUSAND PESOS (P 1,000.00) per FIFTY (50) kilogram (kg) bag of actual selling price, whichever is higher. 1.2 For Molasses-base price of FOUR THOUSAND PESOS (P 4,000.00) 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 From No. 1601-E] and Bank Payment/Deposit Slip/Revenue Official Receipt [BIR Form No. 2524]) shall have been submitted and attached to the written request for said authorization. xxxxxxxx” Any sugar owners who plants their own sugar whose gross receipts for a year does not exceed P 300,000.00 shall be required to comply with the simplified rules of registration and bookkeeping specified in the Regulations. Provided, however, the said sugar owner are required to file their Income Tax Return on the date required under the National Internal Revenue Code.