BIR Ruling

October 20, 1970 Inco Mining Corporation 2277 Pasong Tamo Makati Rizal Attention: Mr . Virgilio Jordan Vice-President Gentlemen : This is with reference to your letter dated October 15, 1970 requesting information whether you are exempt from all taxes, except income tax, as operator/lessor of a mineral land in Tolosa, Leyte Del Norte. In reply thereto, I have the honor to inform you that by virtue of Certificate of Qualification for Tax Exemption No. 21 issued in your favor on May 27, 1970 by the Secretary of Agriculture and natural Resources upon recommendation of the Director of Mines, on the basis of your being a new mine, pursuant to Section 79-A of the Mining Act, as amended by Republic Act No. 3823, approved on June 22, 1963, you are exempt for a period of five (5) years beginning March 15, 1970 from the payment of all taxes, except income tax. Among the taxes covered by the exemption consists of the Ad valorem, taxes, royalties and rentals imposed by Title VII of the Tax Code. (Par. 4, Mines Administrative Order No. V-31 dated February 7, 1970) Very truly yours, MISAEL P. VERA Commissioner of Internal Revenue