BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Sep 22, 1970
Full text
September 22, 1970 Messrs. Sycip, Gorres, Velayo & Co. Certified Public Accountants P. O. 589 Manila Attention: Mr . B . V . Abela Gentlemen : This refers to your letter dated September 17, 1970 requesting approval to allow your client, Caltex (Philippines), Inc. to borrow tax-free and under bond over a period of six (6) months 4,200,000 U.S. gallons of Jet "A" gasoline from the bonded stocks of Bataan Refining Corporation. It is represented that the supply to be borrowed is needed by your client very urgently to meet its contractual commitments with the U.S. military bases, the Philippine Air Force, and other tax exempt entities. In reply, I have the honor to inform you that considering that no taxes are actually involved or will be involved on this transaction as the gasoline borrowed from the bonded stocks of Bataan Refining Corporation will be needed by your client to meet its contractual commitments with the U.S. military bases, the Philippine Air Force, and other tax-exempt entities, your request is hereby granted. Very truly yours, MISAEL P. VERA Commissioner of Internal Revenue
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