BIR Ruling

February 10, 1970 Philippine National Bank Manila Re: Int . Rem . (TR) Gentlemen : This is with reference to your letter dated December 10, 1969 requesting a ruling as to whether or not the Rockefeller Foundation of New York is exempt from the payment of the science stamp tax when remitting thru that Bank funds for science and research purposes to the University of the Philippines, College of Agriculture. In reply thereto, please be informed that Section 210 of the Tax Code provides that the documentary stamp tax may be paid either by the person making, signing, issuing, accepting, or transferring the document, instrument, and papers and/or acceptances, assignments, sales, and transfer of the obligation, right and property incident to the transaction so had or accomplished. Hence, this Office had consistently ruled that where a tax exempt person is party to a taxable transaction, the tax is nonetheless due and payable, the same to be paid by the other party to the transaction. In view thereof, considering that the Rockefeller Foundation of New York is exempt from all taxes, the documentary and science stamp taxes which are supposed to be due on any and all of the transactions of which the Foundation is a party, shall be due from, and payable by, the other party to the transactions. aisa dc Very truly yours, MISAEL P. VERA Commissioner of Internal Revenue