BIR Ruling [DA-020-97]

January 15, 1997 BIR RULING [DA-020-97] Laya Mananghaya Salgado & Co. 3/F Chemphil Building 851 Arnaiz Avenue, Legaspi Village Makati City Attention: Atty . Mariano S . Ereso Tax Principal Gentlemen : This refers to your letter dated December 20, 1996 requesting authority to change your accounting period from calendar year basis ending December 31 to fiscal year basis ending September 30 for purposes of filing your annual income tax returns. cdtech It appears that for the last three (3) years, the books of accounts of your firm were opened and closed on the following dates: Year Date books were opened Date books were closed 1992 01 January 31 December 1993 01 January 31 December 1994 01 January 31 December and that the firm's taxable year began on 01 January and ended on 31 December of each year. In reply, please be informed that your request is hereby granted pursuant to Section 40 of the Tax Code, as amended. However, a separate final or adjustment return covering your operation for the period January 1, 1996 to September 30, 1996 should be filed with the Revenue District Office concerned on or before January 15, 1997 and the tax due thereon paid at the time of filing. Thereafter, your annual income tax return covering the twelve (12) month period from October 1 to September 30 of the following year should be filed on or before January 15 following the close of such fiscal year and the tax due thereon paid at the time of filing. In filing the quarterly corporate income tax returns, the requirements of Sections 45, 68, 69 and 70 of the Tax Code, as amended, should be complied with. A copy of this letter should be attached to the separate final or adjustment income tax return to be filed by you. (BIR Ruling No. 118-95 dated July 7, 1995) Very truly yours, ALICIA L. TOMACRUZ Head Revenue Executive Assistant (Legal Service)