BIR Ruling [DA-290-98]

June 1, 1998 BIR RULING [DA-290-98] Petron Corporation 7901 Makati Avenue Makati City Attention: Atty . Liberador V . Villegas General Counsel Gentlemen : This refers to your letter dated August 12, 1996 offering to compromise the internal revenue tax liability of Petron Corporation involving the amount of P21,471,267.20 representing 25% surcharge, 20% interest and compromise penalties for late payment of the excise taxes due as a result of the upgrading of your tax-paid Kerosene products to Jet Fuel A-1 for the years 1993, 1994 and 1995 by paying the amount of P1,213,965.36 representing the 20% interest. cdll In reply, please be informed that in view of the Memorandum of the Chief, Law Division dated October 9, 1997 (DA-333-97) duly approved by the Commissioner of Internal Revenue, your offer to compromise your internal revenue tax liability involving the amount of P21,471,267.20 representing penalties for late payment of the excise taxes for the years 1993, 1994, and 1995 by paying the amount of P1,213,965.36 in full and complete settlement thereof under Section 204 of the Tax Code of 1997 is hereby accepted. This case shall be considered closed and terminated upon full payment of the compromise amount of P1,213,965.36 within ten (10) days from receipt of this letter. Likewise, the authorized agent bank (AAB) of the Revenue District Office (RDO) which has jurisdiction over Petron Corporation's principal place of business is hereby authorized to receive the said payment. LibLex Very truly yours, (SGD.) SIXTO S. ESQUIVIAS IV Deputy Commissioner (Legal & Enforcement Group)