LTO MEMORANDUM CIRCULAR NO. 676-2006 VAT RATE ON COMPUTER FEES January 31, 2006

In compliance with the provision of the eVAT Law, the VAT rate on computer fees is hereby raised from 10% to 12% and effective February 1, 2006 following the table shown below, to wit:

                                                                                                               

	Computer Fee	12% VAT	Total
MVRS	P120.00	P14.40	P134.40
MAIDRS
	Stock Reporting	P120.00	P14.40	P134.40
	Special Reporting	P120.00	P14.40	P134.40
DLS	P 48.00	P 5.76	P 53.76
ADLES	P 48.00	P 5.76	P 53.76
LETAS	P 48.00	P 5.76	P 53.76

In this connection, you are hereby informed that implementation of the above-mentioned VAT rates for the computer fees of the LTO-IT system will take effect February 1, 2006.

All orders/memoranda in conflict herewith are deemed superseded.

For strict compliance.

Adopted: 31 Jan. 2006

(SGD.) ANNELI R. LONTOC
Assistant Secretary