BIR Ruling

April 30, 1998 SGV & Co. 6760 Ayala Ave. Makati City Attention: Atty . E . C . Alcantara Tax Division Gentlemen : This refers to your letter of October 28, 1996 relative to the tax case of your client, BARCELON, ROXAS SECURITIES, INC. involving its tax deficiency for 1987 in the amount of P826,698.31 as deficiency income tax under FAN-1-87-91-000649 dated February 1, 1991, wherein you requested at least a 30-day grace period for you to be able to submit documentary evidence to support your allegations contained in your protest-letter of March 25, 1992. aisadc Considering the lapse of time from the date of said request, we regret to inform you that no oral arguments can overrule our examiner's findings that the salaries, bonuses and allowances claimed by your client as deductions for taxable year 1988 should be disallowed for failure to subject the same to withholding taxes. Accordingly, your protest is hereby, denied for being unsubstantiated. In view of all the foregoing, you are hereby ordered to urge your client to pay the above deficiency income tax of P826,698.31, plus increments to the nearest BIR authorized agent bank stationed at the business place of your client within fifteen (15) days from your receipt hereof, otherwise, the Warrant of Distraint and/or Levy earlier issued will, therefore, be enforced. cdta This constitutes the final decision of this Office on the matter. Very truly yours, (SGD.) LIWAYWAY VINZONS-CHATO Commissioner of Internal Revenue