RMC No. 07-2006 — Publishes the full text of the memorandum issued by Executive Secretary Eduardo R. Ermita informing the Secretary of Finance that his recommendation to increase the Value-Added Tax rate from 10% to 12% effective February 1, 2006 has been approved by the President Digest | Full Text

REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE Quezon City January 31, 2006 REVENUE MEMORANDUM CIRCULAR NO. 7-2006 SUBJECT : Publishing the Full text of the Memorandum from Executive Secretary Eduardo R. Ermita dated January TO : 31, 2006 Approving the Recommendation of the Secretary of Finance to Increase the Value Added Tax Rate from Ten Percent to Twelve Percent All Internal Revenue Officials, Employees and Others Concerned For the information and guidance of all internal revenue officers, employees and others concerned, quoted hereunder is the full text of the Memorandum from Executive Secretary Eduardo R. Ermita dated January 31, 2006: "MEMORANDUM FROM THE EXECUTIVE SECRETARY TO : Secretary, Department of Finance Cc : Commissioner, Bureau of Customs Commissioner, Bureau of Internal Revenue SUBJECT : RECOMMENDATION TO INCREASE THE VALUE ADDED TAX RATE FROM 10 PERCENT TO 12 PERCENT EFFECTIVE FEBRUARY 1, 2006 DATE : January 31, 2006

Pursuant to your recommendation contained in your Memorandum for the President dated January 30. 2006, copy hereto attached, please be informed that the same has been approved by the President, pursuant to Section 4 of Republic Act (RA) No. 9337. By authority of the President: (Original Signed) EDUARDO R. ERMITA Executive Secretary All revenue officials and employees are enjoined to give this Circular as wide publicity as possible. (Original Signed) JOSE MARIO C. BU�AG Commissioner of Internal Revenue