BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Mar 15, 1967
Full text
March 15, 1967 The President Atlas Textile Development Corporation P. O. Box No. 740 Manila S i r : This refers to your request for tax exemption under the provisions of Republic Act No. 4086. cdpr It appears that the Atlas Textile Development Corporation is organized under Philippine laws and is duly registered with the Securities and Exchange Commission; that the present subscription of Filipino citizens amounts to 100% of the total subscription; that it is engaged in the spinning of raw fibers into yarn or thread, or spinning and weaving the same raw fibers into yarn, thread or cloth; that it owns spinning, weaving and finishing machineries and facilities; and that it is duly registered with the Board of Industries, having been granted the corresponding certificate of qualification on August 3, 1966 under the provisions of Republic Act No. 4086. Under the foregoing facts, the Atlas Textile Development Corporation is exempt from the payment of the sales tax pursuant to Section 1 of Republic Act No. 4086, subject to the conditions therein provided. prcd Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue
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