BIR Ruling

May 8, 1973 The Revenue District Officer Masbate, Masbate S i r : In reply to your telegram dated March 29, 1973, you are informed that payment of tax over P50,000.00 under Presidential Decree No. 23, dated October 16, 1972, as amended, is as follows: 1. If the amount exceeds P50,000.00 but does not exceed P300,000.00, the tax may be paid in three equal installments, according to the following schedule: (a) The first installment shall be paid upon filing of the return but not later than March 31, 1973; (b) The second installment shall be paid on or before June 30, 1973, and (c) The third installment shall be paid on or before October 1, 1973. 2. In meritorious cases and where the amount exceeds P300,000.00, the Commissioner of Internal Revenue may grant extension of time for the payment of the tax in equal installments but the last installment shall be paid not later than December 31, 1973. Please be guided accordingly. Very truly yours, (SGD.) CONRADO P. DIAZ Acting Commissioner of Internal Revenue