BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Jun 27, 1968
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June 27, 1968 Laurel Law Offices 12th Floor PBC Building Anda Circle, Port Area Manila Attention: Mr . Exiquiel S . Consulta Gentlemen : This refers to your letter dated June 3, 1968 requesting information on how payment of documentary stamp tax may be effected on letters of credit issued by the Bankers Association of the Philippines on or after May 15, 1967. In reply, I have the honor to inform you that since Sec. 219 of the Tax Code is explicit on the matter, the value of documentary stamps to be affixed on a letter of credit should be on the basis of six centavos (P0.06) on each two hundred pesos (P200.00), or fractional part thereof, of the face value of any such letter of credit. So that if the face value of a letter of credit is P50,000.00, documentary stamps having a value of P15.00 should be affixed thereto. iatdc Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue
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