BIR Ruling [DA-170-99]
BIR Ruling [DA-170-99] • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Mar 19, 1999
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March 19, 1999 BIR RULING [DA-170-99] Regional Director Revenue Region No. 17 Butuan City S i r : This refers to the Particulars of Concern indicated in your Summary Report of Staff Meeting Discussion for the months of September and October 1998. re : Whether or not the enforcement of leasehold right is subject to capital gains tax The aforequoted issue/concern cannot be decided intelligently by the Law Division on the basis alone of the brief statement of facts stated in the Summary Report. A complete statement of facts regarding the grant of leasehold rights over the fishponds should be clearly presented by the Legal Division of that region when it files its request for ruling, attaching therewith a copy of the fishpond lease agreement to enable us to decide whether the enforcement of the leasehold right is subject to the capital gains tax. re : Confirmatory ruling on matters relating to the Local Water Districts being subjected to corporate income tax The issue regarding the taxability of Local Water Districts has long been decided by this Office in BIR Ruling No. 074-98 dated May 27, 1998, a copy of which is hereto attached for your ready reference. Please be guided accordingly. Very truly yours, (SGD.) MILAGROS V. REGALADO OIC, Assistant Commissioner (Legal Service)
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