BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Oct 24, 1973
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October 24, 1973 The President Federation Securities Corporation Ground Floor, Federation Center Muelle de Binondo, Manila S i r : In reply to your letter dated October 22, 1973, I have the honor to inform you that a corporation or an individual engaged in business as dealer in securities is not covered by Republic Act No. 6141, and, therefore, the sale by such dealers of shares of stock is not subject to the stock transaction tax prescribed by said law, as amended by Presidential Decree No. 10. The income derived by a dealer in securities from stock transactions is subject to the corporate or individual income tax, as the case may be. Losses suffered by such dealers from stock transactions are deductible from gross income. aisadc Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue TAN 1601-593-5
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