BIR Ruling [DA-472-98]

November 3, 1998 BIR RULING [DA-472-98] Bengzon Narciso Cudala Jimenez Gonzales & Liwanag SOL Building, 112 Amorsolo Street Legaspi Village Makati City Attention: Attys . Ma . Melva E . Valdez and Clara Beltran-Sanchez Gentlemen : This refers to your letter dated July 24, 1998 requesting authority on behalf of your client, Dolomite Mining Corporation (Dolomite), to change its accounting period from fiscal year ending March 31 to calendar year ending December 31, effective this calendar year ending December 31, 1998. It appears that Dolomite was incorporated on March 25, 1977; that Dolomite's fiscal year, as stated in its By-laws, covers the period beginning April 1st ending March 31st of the following year; that its Board of Directors resolved on February 11, 1998 to amend or change its said fiscal year to a calendar year beginning January 1st and ending December 31st; and that the foregoing amendments were made in Article V, Section 1 of the By-laws of Dolomite and were approved by the Securities and Exchange Commission (SEC) on May 27th 1998. In reply, please be informed that your request is hereby granted pursuant to Section 46 of the Tax Code of 1997. However, a separate final or adjustment return shall be made for the period between the close of the last fiscal year for which return was made and the following December 31. Thereafter, Dolomite's annual income tax return covering the twelve (12) month period from January 1, 1998 to December 31, 1998 should be filed on or before April 15 following the close of such calendar year and the tax due thereon paid at the time of filing. In filing the quarterly corporate income tax returns, the requirements of Sections 52, 75, 76, 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 to be filed by Dolomite. (BIR Ruling No. 118-95 dated July 7, 1995) Very truly yours, (SGD.) SIXTO ESQUIVIAS IV Deputy, Commissioner (Legal & Enforcement Group)