BIR Ruling

July 5, 1973 Wall Street Finance & Investments, Inc. Room 424 Regina Bldg., Escolta Manila Attention: Mr . Ricardo R . Lozada General Manager Gentlemen : This refers to your letter dated May 10, 1973 requesting information on the correct amount of documentary stamp tax due on a trade acceptance and a deed of assignment, specimens of which were attached thereto. In reply, I have the honor to inform you that after a careful perusal of the specimens, the trade acceptance which is considered a negotiable promissory note is subject to the documentary stamp tax of P0.04 for every P200.00, or fractional part thereof of the face value of such note under Section 217 of the Tax Code. The assignment of the trade acceptance is likewise subject to the same amount of documentary stamp tax as provided under Section 235 of the same Code. It is further informed that the said documents are also subject to the same amounts of science stamp tax pursuant to Section 4 of Republic Act No. 5448. Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue TAN-1601-593-5 "TAXPAYERS SHOULD INDICATE THEIR TAN IN ALL COMMUNICATIONS TO THE BIR"