BIR Ruling [DA-133-01]

July 27, 2001 BIR RULING [DA-133-01] Secs. 46; DA 200-97 Toyota Autoparts Philippines, Inc . Toyota Sta. Rosa (Laguna) Complex Special Export Processing Zone Barangay Pulong Sta. Cruz, Sta. Rosa, Laguna Attention: Ms . Violeta Dela Paz Finance and Accounting Manager Gentlemen : This refers to your letter dated May 21, 2001 requesting for an approval to change your accounting period from calendar-year to fiscal-year in accordance with Section 172 of the Income Tax Regulations and Section 46 of the Tax Code of 1997. It is represented that Toyota Autoparts Philippines, Inc. had been using the calendar year basis in its accounting period since the start of its commercial operation in 1990; that its parent company in Japan, the Toyota Motor Corporation (TMC), is now a stock listed company in the United States of America's stock exchange; that this stock exchange company requires TMC to come up with an accurate and early consolidated monthly Financial Statements; that in line with this development, TMC is now requiring you to change your accounting period from calendar year to fiscal year beginning April 1 and ending in March 31 of the following year. In reply, please be informed that your request is hereby granted pursuant to Section 46 of the Tax Code of 1997, as implemented by Section 172 of the Income Tax Regulations. However, a separate final or adjustment return covering your operations for the period January 1, 2002 to March 31, 2002 should be filed with the Revenue District Office where your new principal place of business is located on or before July 15, 2002 and the tax due thereon paid at the time of filing. Thereafter, your annual income tax return covering the 12-month period from April 1, 2002 to March 31, 2003 should be filed on or before July 15 following the close of such fiscal year and the tax due thereon paid at the time of filing. Nevertheless, you are also required to file your quarterly corporate income tax returns and the requirements of Sections 52 (A), 75, 76, and 77 of the Tax Code of 1997 should be complied with. A copy of this letter should be attached to the separate final or adjustment income tax return and to the annual income tax return to be filed by you. (BIR Ruling No. DA 200-97 dated May 9, 1997) Very truly yours, Commissioner of Internal Revenue By: (SGD.) MILAGROS V. REGALADO Acting Assistant Commissioner Legal Service