This law is implemented to revoke RR. No. 12-2013, thus reinstating the provisions set in Section 2.58.5 of RR No. 14-2002, pertaining to deductibility of expenses.
In accordance with the provisions within Section 244 in relation with Section 34(K) of the 1997 National Internal Revenue Code (NIRC) as amended, this contains the regulations that would provoke RR. No. 12-2013 which states the requirements in deducting certain expenses.
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