BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • May 15, 1967
Full text
May 15, 1967 Laurel Law Office 12th Floor PBC Building Anda Circle; Port Area Manila Gentlemen : With reference to your request that the ruling of this Office subjecting letters of credit to the documentary stamp tax imposed by Section 219 of the National Internal Revenue Code be given prospective effect, I have the honor to inform you that on May 15, 1967 this Office stated in its letter to the Chairman, Government Affairs Committee, Bankers Association of the Philippines, that letters of credit as well as drafts drawn against it are subject to documentary stamp tax. It is therefore requested that bankers who issued letters of credit on or after May 15, 1967 be required to pay the documentary stamp tax due thereon Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue
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