BIR Ruling [DA-277-96]

July 25, 1996 BIR RULING [DA-277-96] Manila Int'l. Freight Forwarders, Inc. Suite 26 Cargo City, Nayong Pilipino Complex, Mia Road Pasay City Attention: Mr. Rafael A. Limcaoco Director for Operation Gentlemen : This refers to your letter dated August 9, 1995 requesting for authority to change your accounting period from calendar year to fiscal year to take effect on March 31, 1996 for purposes of filing its annual income tax returns. It is represented that your books of accounts were opened and closed on the following dates: Year Date books were opened Date books were closed 1992 January 1 December 31 1993 January 1 December 31 1994 January 1 December 31 that Manila Int'l. Freight Forwarders, Inc. taxable year began on January 1 and ended on December 31, and that the change in your accounting period is due to the need to coincide with overseas reportorial requirements of Hitachi Transport System Ltd. of Tokyo, Japan, one of your stockholders. In reply, please be informed that your aforesaid request is hereby granted pursuant to Section 40 of the Tax Code, as implemented by Section 172 of the Income Tax Regulations. However, income tax return covering your operation for the period January 1, 1995 to December 31, 1995 should be filed with the revenue district officer concerned not later than April 15, 1996 and the tax due thereon paid at the time of filing. Thereafter, your income tax return covering the twelve (12) months period from March 31, 1996 to March 31 of the following year should be filed on or before the close of such fiscal year and the tax shown therein paid at the time of filing. In filing the corporate quarterly returns, you should comply with the requirements of Sections 45, 68, 69 and 70 of the Tax Code, as amended. (BIR Ruling No. 118-95 dated July 7, 1995) Very truly yours, ALICIA P. CLEMENO Assistant Commissioner (Legal Service) By: (SGD.) ALICIA L. TOMACRUZ Head Rev. Executive Assistant Legal Service