BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Mar 4, 1966
Full text
March 4, 1966 Mr. Diosdado C. Roque Attorney-at-Law Rm. 208 Cu Unjieng Bldg. Dasmarias St., Manila S i r : In reply to your letter dated September 15, 1965 requesting, in behalf of your client Mr. Antonio Franco, reconsideration of BIR Ruling No. 65-047, I have the honor to inform you that this Office regrets that your request cannot be granted. Imported United States gold coins cease to be legal tender in the Philippines such that it can be bought and sold like any merchandise. (Commissioner of Customs Vs. Caridad Capistrano, G.R. No. L-11075, June 30, 1960) The importation of your client, therefore, of the U.S. gold coins for numismatic or other commercial purposes are subject to either the 50% compensating or advance sales tax prescribed by Sections 190 and 183(b) in relation to Section 184(b), all of the Tax Code depending on whether the said coins are intended for personal collection or commercial purposes. LexLib Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue
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.