BIR Ruling

February 27, 1976 Mr. R. G. Cruz Special Assistant to the Governor and concurrently Head, Foreign Exchange Department Central Bank of the Philippines Manila S i r : With reference to your letter dated August 28, 1975, I have the honor to inform you that this Office concurs with your opinion that although the Hongkong dollar does not form part of the international reserves, it is one of the acceptable foreign currencies in the Philippines just like the U.S. dollar, Japanese yen, German mark, etc. and, therefore, tourists who pay their hotel bills in Hongkong dollars are exempt from the Internal revenue documentary and science stamp taxes on hotel receipts and the 3% percentage tax on the hotel revenue from hotel room occupancy. (Sec. 2, Revenue Regulations No. 10-72, implementing P. D. No. 31). cdtech Very truly yours, EFREN I. PLANA Acting Commissioner of Internal Revenue TAN-1456-040-3 "TAXPAYERS SHOULD INDICATE THEIR TAN IN ALL COMMUNICATIONS TO THE BIR."