BIR Ruling

April 14, 1972 Tax Service of the Philippines, Inc. P. O. Box 1094 Commercial Center Makati, Rizal Attention: Mr . Demosthenes B . Gadioma President Gentlemen : This refers to your letter dated April 7, 1972 requesting information as to whether or not your client, the Manila Times Publishing Co., Inc. which is engaged in the sole business of publishing newspapers, daily and weekly, is required to file an annual year-end inventory list. In reply, I have the honor to inform you that considering the fact that the Manila Times Publishing Co., Inc. is engaged solely in the publication of newspapers and magazines, which is exempt from the 3% tax in accordance with Section 191(17) of the Tax Code, it need not file the year-end inventory required under Section 13 of Revenue Regulations No. V-1, otherwise known as the Bookkeeping Regulations. cdta Very truly yours, MISAEL P. VERA Commissioner of Internal Revenue