SECTION 1. Objective - Pursuant to the provisions of Section 244, in relation Section 6, both of the National Internal Revenue Code (NIRC) of 1997, these Regulations are hereby promulgated to temporarily defer, until further notice, the implementation of Revenue Regulations No. 17-2005, "Providing for the Policies, Guidelines and Procedures in the Implementation of the Tax Subsidy Granted by the Fiscal Incentives Review Board (FIRB) to the Bases Conversion Development Authority (BCDA) for the Subic-Clark-Tarlac Expressway Project".

SECTION 2. Effectivity - These Regulations shall take effect immediately.

Adopted: 07 Nov. 2005

(SGD.) MARGARITO B. TEVES
Secretary of Finance

Recommending Approval:

(SGD.) JOSE MARIO C. BU AG
OIC - Commissioner of Internal Revenue