BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Jan 18, 1968
Full text
January 18, 1968 Atty. Gelacio Herrera Co. 721 Elcano St., Manila S i r : This refers to your letter dated December 27, 1967 requesting information as to whether or not money to be brought into the Philippines by a permanent resident through proper banking channels is subject to compensating tax. In reply, I have the honor to inform you that money is exempt from the compensating tax for the reason that money is not ordinary merchandise within the commerce of man, but measures or standards of value by which merchandise or goods is evaluated for purposes of commerce. Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue
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