BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Nov 22, 1976
Full text
November 22, 1976 Mercator Finance Corporation Zuellig Bldg., Buendia Avenue Makati, Rizal Attention: Mr . Renato B . Magadia President Gentlemen : In reply to your letter dated August 9, 1976 I have the honor to inform you that dividends to be remitted to Credit Swiss Finance, Ltd., a company incorporated in Hongkong, are subject only to the 15% withholding tax prescribed by Section 24(b) of the Tax Code, as amended by Presidential Decree No. 369, it appearing that Hongkong does not impose any tax on income received by said corporation from foreign sources because of tax credit reciprocity, as represented. (See also BIR Ruling dated September 30, 1975). cdt 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."
Ask what this means for your situation
The assistant quotes the passage it relies on and links the source, so you can check every figure it gives you.