in terms of the retail sale, and keeping, storage or delivery for commercial purposes.
8424             December 11, 1997 AN ACT AMENDING THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:: Section 1. - This Act shall be cited as the "Tax Reform Act of 1997". TITLE IXCompliance Requirements Chapter IKeeping of Books of Accounts and Records Chapter IIAdministrative Provisions Chapter IIIRules and Regulations TITLE XStatutory Offenses and Penalties Chapter IAdditions to the Tax Chapter IICrimes, Other Offenses and Forfeitures Chapter IIIPenalties Imposed on Public Officers Chapter IVOther Penal Provisions TITLE XIAllotment of Internal Revenue Chapter IADisposition and Allotment of National Internal Revenue in General Chapter IISpecial Disposition of Certain National Internal Revenue Taxes TITLE XIIOversight Committee TITLE XIIIRepealing Provisions TITLE XIVFinal Provisions Section 4. -(A) The provision of Section 17 of Republic Act No.Failure to pay the tax will incur a 50 percent penalty of the tax amount and 1 percent interest per month from the time the tax was due.The holder of the note can pass the amount of tax on to the borrower, but it can not be considered a finance charge in connection with the loan transaction.Any reference in this section to the United States mail shall be treated as including a reference to any designated delivery service, and any reference in this section to a postmark by the United States Postal Service shall be treated as including a reference to any date recorded or marked as described in paragraph (2)(C) by any designated delivery service. For purposes of this subsection, the term “designated delivery service” means any delivery service provided by a trade or business if such service is designated by the Secretary for purposes of this section.