BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Dec 26, 1967
Full text
December 26, 1967 Central Textile Mills, Inc. A. Bonifacio Ave., E. de los Santos Ave. Quezon City Attention: Mr . Agustin R . Cabatingan Asst . Treasurer Gentlemen : This refers to your request for tax exemption under the provisions of Republic Act No. 4086. It appears that the Central Textile Mills, Inc. is organized under Philippine laws and is duly registered with the Securities and Exchange Commission; that the present subscription of Filipino citizens amounts to 60% of the total subscription; that it is engaged in the spinning of 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 December 19, 1966 under the provisions of Republic Act No. 4086. Under the foregoing facts, the Central Textile Mills, Inc. is exempt from the payment of the sales tax pursuant to Section 1 of Republic Act No. 4086, subject to the conditions therein provided. cdta Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue
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