BIR Ruling

June 22, 1972 Mr. Antonio T. Quion 2447 Simeon de Jesus San Rafael Village Manila S i r : This refers to your letter dated May 8, 1972 to the Chief, Assessment Branch, BIR Revenue Region No. 7, North Manila, which was referred to this Office for appropriate action, requesting for information on the required amount of documentary and science stamps to be affixed on a non-negotiable bill of exchange and a draft, both interest bearing. In reply, I have the honor to inform you that according to the sample of the above instruments submitted to this Office, the same is an order for the payment of a sum of money, drawn upon a bank, and is payable at sight or on demand. Accordingly, it is subject to the P0.04 documentary stamp tax under Section 216 of the Tax Code and a similar amount as science stamp tax under R.A. No. 5448. Very truly yours, MISAEL P. VERA Commissioner of Internal Revenue