BIR Ruling [DA-163-03]

May 14, 2003 BIR RULING [DA-163-03] SGV & Co. Sycip Gorres Velayo & Co. 6760 Ayala Avenue 1226 Makati City Attention: Mr. J. A. Osana Tax Division Gentlemen : This has reference to your letter dated May 12, 2003 requesting for an extension of thirty (30) days from May 20, 2003 within which to submit proof of annotation of the substituted bases of the real properties and shares of stock transferred by PL Insurance Corporation (formerly ING Life Insurance Company Philippines) to Pru Life Insurance Corporation of UK. Please be informed that your request for extension of thirty (30) days from May 20, 2003, within which to submit the certified true copies of the Condominium Certificates of Title (CCTs) and the stock certificates that bear the annotation of the substituted bases of the real properties and shares of stock transferred, pursuant to a tax-deferred exchange under Section 40(C)(2) of the Tax Code of 1997, is hereby granted. Consequently, you have until June 19, 2003 within which to submit the duly annotated CCTs and stock certificates to this Office, without any penalty. CcAHEI Very truly yours, Commissioner of Internal Revenue By: (SGD.) MILAGROS V. REGALADO Assistant Commissioner Legal Service