BIR Ruling

May 4, 1973 R. C. Aquino Timber & Plywood Co., Inc. No. 12 Mariposa St. Quezon City Attention: Rodolfo N . Aquino Vice-President Gentlemen : This refers to your letter dated April 5, 1973 requesting that you would be allowed to pay the balance of your amnesty tax exceeding P300,000 in three equal installments, that is on June 30, 1973, October 1, 1973 and on December 31, 1973. It is represented that your corporation leaned heavily on its finances when it paid the first installments on said tax and at present encountering undue hardship on its business. In reply thereto, I have the honor to inform you that Presidential Decree No. 156, Paragraph (d) provides as follows: "(d) In meritorious cases and where the amount exceeds P300,000, the Commissioner of Internal Revenue may grant extension of time for the payment of the tax in equal installments but the last installment shall be paid not later than December 31, 1973." In view thereof, your request is hereby granted based on meritorious grounds. aisa dc Very truly yours, (SGD.) CONRADO P. DIAZ Acting Commissioner of Internal Revenue