BIR Ruling

January 27, 1975 Aero Service Corporation P.O. Box 1389, Makati Commercial Center, Makati, Rizal Gentlemen : In reply to your letter dated January 24, 1975, I have the honor to inform you that International Fruit & Produce Co., Ltd., a foreign company from Hongkong, is subject to the annual fixed tax of P50.00 and to the 3% tax, as lessor of personal property, pursuant to Section 182(A)(1) and 191(17) of the Tax Code, for leasing its Learstar aircraft, N577X to that Corporation. A percentage tax return of the gross receipts derived from the lease shall be filed and the 3% tax due thereon paid within twenty days after the end of each calendar quarter. aisa dc Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue TAN 1601-593-5