BIR Ruling

April 17, 1975 Miss Mercedes Paredes Perez Director, Statutory Receiver Continental Bank Dept. of Commercial and Savings Banks Central Bank of the Philippines Manila M a d a m : This refers to your letter dated April 2, 1975 requesting clarification as to whether or not as Statutory Receiver designated to take charge of the assets and liabilities of Continental Bank you are required to comply with the requirement prescribed in Section 334(A) of the Tax Code that the books of accounts of the bank be audited and examined yearly by independent Certified Public Accountants. casia In reply, I have the honor to inform you that although the gross earnings of Continental Bank in 1974 exceeded P25,000.00 per quarter, you are not required to comply with the foregoing requirement of Section 334(A) of the tax Code, considering that the bank is no longer doing business in the Philippines as the Central Bank has forbidden it from operating and considering further that affairs of the bank are being administered by examiners of the Central Bank under the direction of the Statutory Receiver. Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue TAN 1601-593-5