BIR Ruling

January 25, 1972 Genaco Trading Rm. 546 Wellington Building Plaza Calderon de la Barca Binondo, Manila Attention: Mrs . Rose Rico Manager Gentlemen : This refers to your letter dated January 24, 1972 requesting that our ruling dated September 28, 1971 holding that your importation of metal locks are subject to 7% advance sales tax with a 25% mark-up, be made applicable to your importation of the same' article which arrived on January 12, 1972 per SS Sta. Ana. In reply, I have the honor to inform you that it appearing that your instant importation of metal locks which are going to be used in the manufacture of school bags of the sample submitted, is the same as those covered by our aforesaid ruling, the same is subject to the 7% advance sales tax based on the landed cost thereof, plus 25% mark-up, pursuant to Section 183(b) in relation to Section 186, both of the Tax Code. Very truly yours, MISAEL P. VERA Commissioner of Internal Revenue