BIR Ruling

March 15, 1973 Negros Sugar Marketing Corporation Mezzanine Floor, Parkview Hotel Rizal St., Bacolod City Attention: Mr . Rodolfo G . Remitio President Gentlemen : This refers to your letter dated March 2, 1973 requesting information as to what internal revenue taxes you would be liable to for engaging in the business of buying export and domestic sugar quedans and selling the same to other brokers and/or traders. In reply, I have the honor to inform you that for engaging in the business of buying and selling export and domestic sugar quedans, you are subject to the graduated fixed annual tax prescribed in Section 182(A) (2) of the Tax Code, as amended, the initial amount of which is P10.00. Thereafter, the amount of the tax will depend upon the amount of gross sales during the preceding calendar year. You are also subject to the corporate income and residence taxes. Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue