BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • May 15, 1975
Full text
May 15, 1975 Messrs. Sycip, Salazar, Feliciano Hernandez & Castillo 3rd Flr. Far East Building Buendia Avenue, Makati Rizal Attention: Mr . Andres Gatmaitan Gentlemen : This refers to your letter dated May 13, 1975 requesting information as to whether or not the promissory notes to be issued by the Republic of the Philippines to the participating banks under the Asia-dollar Loan Agreement dated as of March 24, 1975 entered into between the Republic of the Philippines and said banks involving an aggregate principal amount of US$25,100.00 are subject to the documentary and science stamp taxes. In reply, I have the honor to inform you in the negative pursuant to Section 236 of the Tax Code which provides, viz.: " Documents and papers not subject to stamp tax . The following instruments, documents, and papers shall be exempt from the documentary stamp tax: (1) Bonds, debentures, and certificates of indebtedness issued by the Government of the Republic of the Philippines or the government of any provinces, city or municipality. cdta xxx xxx xxx" Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue TAN 1601-593-5
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