BIR Ruling

December 19, 1967 Ross, Salcedo, Del Rosario, Bito & Misa P.O. Box 781 Manila Gentlemen : This refers to your letters dated November 21, 1967 and December 5, 1967 requesting information as to the applicability of Section 13 of the Bookkeeping Regulations to persons and corporations engaged in construction and mining businesses. In reply thereto, I have the honor to inform you that it is the opinion of this Office as it hereby holds that mining company, not being subject to any internal revenue business tax, is not required to submit an annual inventory as prescribed in Section 13 of the Bookkeeping Regulations. However, a person or corporation engaged in construction business is required to submit the inventory required under the aforecited regulations for the reason that he/it is subject to the payment of fixed and percentage taxes under Title V of the Tax Code. aisadc Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue