BIR Ruling

December 8, 1972 Consolidated Insurance Company, Inc. 4th Floor, Makati Stock Exchange Bldg. Ayala Avenue, Makati, Rizal M.C.C. P.O. Box 1210 Attention: Mr . Aristeo L . Lat President Gentlemen : This refers to your letter dated October 5, 1972 requesting authority to allow you a period of at least (90) days to affix the required documentary and science stamps on all policies and bonds you issue instead of the requirement to affix the same immediately upon issuance thereof. You claimed that because of the nature of your business transactions which you conduct through your various agencies and branch office and/or agents, compliance with present requirements is rendered physically impossible by several factors beyond your control. In reply, I have the honor to inform you that your request cannot be granted for lack of legal basis. Under Section 210 of the Tax Code, the documentary and science stamps should be affixed to the taxable document at the time it is issued. Very truly yours, MISAEL P. VERA Commissioner of Internal Revenue