BIR Ruling

September 9, 1977 Allied Banking Corporation 560 Q. Paredes Street Binondo, Manila Attention: Mr . Regnar C . Rivera Sr . Vice-President-Operations Gentlemen : This refers to your letter dated September 6, 1977 informing this Office that bank has been awarded a certificate of authority to operate an expanded foreign currency deposit unit by the Central Bank. In connection therewith, you would like this Office to issue to that bank the following pursuant to Section 11 of Revenue Regulations No. 10-79, viz: "1. Certificate of Registration of trade name-namely, Allied Banking Corporation-Foreign Currency Deposit Unit . "2. This Bank is already registered as an employer under Employer's Identification No . 23-4A 53888 pursuant to the provisions of RA (CA) 466. Do we still have to register as an employer for the operation of our Foreign Currency Deposit Unit? In the affirmative, we shall appreciate your effecting the necessary registration providing us our employer's identification therefor. "3. We have also secured and had already been assigned a Tax Account Number (TAN-0442-662-3). We believe that this Tax Account Number will suffice for purposes of our Foreign Currency Deposit Unit. Should there be a need for another Tax Account Number for the purpose, then we shall likewise appreciate your advising us of our Tax Account Number." In reply, please be informed that under the provisions of P.D. No. 1035, the Foreign Currency Deposit Unit of that bank is considered a separate entity, distinct from the Allied Banking Corporation. Such being the case, the FCDU must register its business name and style with our Regional Office in Manila where its principal office is located; provide itself with a separate Employer's Identification; secure a separate Taxpayer's Account Number (TAN); and request for the use of loose-leaf books of accounts. Very truly yours, CONRADO P. DIAZ Deputy Commissioner of Internal Revenue TAN-2567-D1025-A-2 "TAXPAYER SHOULD INDICATE THEIR TAN IN ALL COMMUNICATIONS TO THE BIR."