BIR Ruling

September 19, 1969 Messrs. Sycip, Gorres, Velayo & Co. 6760 Ayala Avenue Makati, Rizal Attention: Tax Divisio n Gentlemen : This refers to your letter dated August 22, 1969 protesting in effect the propriety of the pending investigation of your client, ABS-CBN Broadcasting Corporation, for business and income tax purposes for the years 1967-1968, considering that it is not subject to such taxes under its franchises, R.A. Nos. 511 and 512. In reply, I have the honor to inform you that it having been previously established by ruling of the Secretary of Finance that your client is under its franchise, in relation to other similar franchises subsequently issued to others, particularly the franchise issued to Radio Communications of the Philippines (R.A. No. 2036, as amended by R.A. No. 4054) exempt from all other taxes, it is the opinion of this office, as it hereby holds, that it is not necessary to continue with the pending investigation. LexLib This Office will take appropriate action accordingly. Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue