BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Dec 22, 1975
Full text
December 22, 1975 Mr. Angel S. Alba 296 Acacia Street San Miguel, Manila S i r : This refers to your letter dated November 25, 1975 requesting information whether your winnings in horse racing as professional jockeys which are already subjected to the 5% tax on winnings imposed by Section 260-A of the Tax Code, are still includible in your gross income subject to income tax. cdta In reply thereto, I have the honor to inform you that winnings constitute income subject to income tax, pursuant to Section 29(a) of the Tax Code and should, therefore, be reported as part of the gross income in your income tax return. Very truly yours, (SGD.) EFREN I. PLANA Acting Commissioner of Internal Revenue TAN-1456-040-3
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