Notable Regulations Issued July 2011

Here are some notable regulations issued July 2011:

1.   Office of the President Memorandum Order No. 20 (July 5, 2011) – Approving the 2011 Investment Priorities Plan;

2.   Office of the President Administrative Order No. 17 (July 28, 2011) – Directing the Use of Procurement Service and the Philippine Government Electronic Procurement System in Procurement Activities in Accordance with Republic Act No. 9184, and Improving the Operation of the Procurement Service;

3.   BIR Revenue Regulations No. 10-2011 (July 1, 2011) – Amending Certain Provisions of Regulations No. 16-2005, Otherwise Known as the Consolidated Value-Added Tax Regulations of 2005;

4.  BIR Revenue Regulations No. 11-2001 (July 20, 2011) – Defining Gross Receipts for Common Carrier’s Tax for International Carriers pursuant to Section 118 of the Tax Code;

5.  BIR Revenue Regulations No. 12-2011 ( July 25, 2011) – Reportorial Requirement for Establishments Leasing or Renting Out Spaces for Commercial Activities;

6. BIR Revenue Regulations No.  13-2011 (July 25, 2011) – Implementing the Tax Provisions of Republic Act No. 9856 Otherwise Known as “The Real Estate Investment Trust Act of 2009”;

7.  BIR Revenue Regulations No. 14 (July 29, 2011) – Amending Certain Provision of Revenue Regulations No. 5-2000, prescribing the Regulations Governing the Manner of the Issuance of Tax Credit Certificates, and the Conditions for their Use, Revalidation and Transfer;

8. Department of Agrarian Reform Order No. 3 (July 19, 2011) – Revised Rules and Regulations Implementing Section 19 of R.A. No. 9700 (Jurisdiction and Referral of Cases that are Agrarian in Nature);

9. BSP Circular No.  730 (July 20, 2011) – Updated Rules Implementing the Truth in Lending Act;

10. BSP Circular No. 731 (July 28, 2011) – Internal Capital Adequacy Assessment Process and Supervisory Review Process for Foreign Bank Branches;

11. Bureau of Customs Administrative Order No.  7-2011 – Prescribing the Official Work Hours for Certain Divisions at the Ninoy Aquino International Airport and other International Airports of Entry;

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