BIR Ruling

November 11, 1974 Associated Development Corporation Rm. 707 Bldg. 666 T. Kalaw St., Manila Attention: Mr . Antonio Martel, Jr . President Gentlemen : This refers to your letter dated October 28, 1974 informing this Office that the present Jai-Alai Corporation of the Philippines will phase out its operations by October 1975; and that you intend to take over said operation under a new franchise granted you by the City of Manila. In operating the Jai-Alai, you requested that you be allowed to take and set aside 2% of the gross wager which roughly is the equivalent of the 20% tax on your gross receipts which is payable by you, as provided by Section 260 of the Tax Code. cdt In reply, I have the honor to inform you that this Office will interpose no objection to your request provided that the correct amount of amusement tax prescribed by Section 260 of the Tax Code is paid by you, as operator of a Jai-Alai. acd Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue TAN-1601-593-5