BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Aug 10, 1971
Full text
August 10, 1971 J. S. Zulueta & Co. Certified Public Accountants 2nd Floor, Katigbak Building A. Mabini cor. T.M. Kalaw Sts. Ermita, Manila Gentlemen : In reply to your letter dated August 9, 1971, I have the honor to inform you that a registered pioneer enterprise under R.A. No. 5186 is, among others, exempt from all taxes under the National Internal Revenue Code, except income tax, pursuant to Section 8 of said Act to the following extent. (1) One hundred per cent up to December 31, 1972; (2) Seventy-five per cent up to December 31, 1975; (3) Fifty-per cent up to December 31, 1977; (4) Twenty per cent up to December 31, 1979; (5) Ten per cent up to December 31, 1981. Accordingly, your client, Marinduque Mining and Industrial Corporation, a registered pioneer enterprise, shall be exempt from the documentary and science stamp taxes on the new equity shares of stock and convertible debentures which it shall issue to finance its nickel operations, said taxes being its direct liability. Very truly yours, MISAEL P. VERA Commissioner of Internal Revenue
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