BIR Ruling

July 22, 1976 Negros Navigation Company, Inc. Negros Navigation Bldg. 849 Pasay Road, Makati Rizal Attention: Rosauro A . Aguinaldo Gentlemen : This refers to your letter dated July 2, 1976 requesting exemption from the payment of additional documentary and science stamps for registration purposes. It is represented that a joint chattel mortgage involving your coastwise vessels, M/S "Don Julio", M/S "Don Juan", M/S "Don Vicente", M/S "Doa Florentina and M/S "Doa Montserrat" was executed by Negros Navigation Co., Inc., in favor of Private Development Corporation of the Philippines and Trident International Finance Ltd. and was registered with The Philippine Coast Guard for which total amount of Twenty Eight Thousand Two Hundred Eighty Four pesos (P28,284.00) was paid representing the documentary and science stamps on the document; that an addendum to said chattel mortgage consisting of the list of facilities and equipments of the above-mentioned vessels was subsequently made; and that the said addendum is a part and parcel of the Joint Chattel Mortgage and that there is no additional consideration indicated therein. In reply, I have the honor to inform you that there being no additional amount of loan secured in the addendum to the original chattel mortgage, it is not subject to any additional documentary and science stamp taxes. aisa dc Very truly yours, EFREN I. PLANA Acting Commissioner of Internal Revenue TAN-1456-040-3