BIR Ruling

March 4, 1974 Filnan Enterprises, Inc. 2283 Pasong Tamo Extension Makati, Rizal D-708 Attention: Mr . Edgardo Nadal Manager, Shipping Department Gentlemen : In reply to your letter dated February 26, 1974, I have the honor to inform you that under Section 334 of the National Internal Revenue Code, every corporation, company, partnership, or person subject to internal revenue taxes and whose gross quarterly sales, earnings, receipts or output exceed twenty-five thousand pesos, are required to have their books of accounts audited and examined yearly by independent certified public accountants and their income tax returns accompanied with certified balance sheets, profit and loss statements, schedules listing income-producing properties and the corresponding incomes therefrom and other relevant statements. Since international carriers, e. g. foreign steamship companies, are still subject to internal revenue taxes, they are required to submit the aforementioned certified financial statements in support of their final or adjustment return. It may be stated in this connection, that the submission of certified financial statements may be dispensed with only in the case of the filing of quarterly declaration by corporation. Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue TAN-1601-593-5