4/7/2021 E-Library - Information At Your Fingertips: Printer Friendly [42] Section 5. Implementing Rules and Regulations. — The Secretary of Finance shall, upon the recommendation of the Commissioner of Internal Revenue, promulgate not later than thirty (30) days upon the effectivity of this Act the necessary rules and regulations for its effective implementation. The Department of Finance (DOF), in coordination with the Department of Foreign Affairs (DFA), shall oversee the exchange of notes between the Philippines and concerned countries for purposes of facilitating the availment of reciprocal exemptions intended under this Act. [43] SEC. 244. Authority of Secretary of Finance to Promulgate Rules and Regulations. - The Secretary of Finance, upon recommendation of the Commissioner, shall promulgate all needful rules and regulations for the effective enforcement of the provisions of this Code. [44] 595 Phil. 1051, 1057-1058 (2008). [45] G.R. No. 219340, November 07, 2018. [46] Supra note 38. [47] G.R. No. 230107, July 24, 2018. [48] 669 Phil. 371, 382-383 (2011). [49] Letran, Bjorn Biel M. "A bustling and thriving sector," BWorldOnline.Com., April 25, 2018. See https://www.bworldonline.com/a-bustling-and-thriving-sector. [50] Obiasca v. Basallote, 626 Phil. 775, 785 (2010). [51] Black's Law Dictionary See: < a href="https://thelawdictionary.org/demurrage/" title="DEMURRAGE" >DEMURRAGE < /a > (Last accessed: November 13, 2019) [52] PNG Logistics See: http://pnglc.com/detention-and-demurrage-whats-thedifference/ (Last accessed: November 13, 2019) [53] Section 105, RA 8424. [54] See CIR v. PAL, 535 Phil. 95, 106 (2006). [55] 695 Phil. 243, 280 (2012). [56] Republic of the Philippines v. Drugmaker's Laboratories, Inc., et al., 728 Phil. 480, 490 (2014). [57] Id. Source: Supreme Court E-Library https://elibrary.judiciary.gov.ph/thebookshelf/showdocsfriendly/1/65912 24/25