Domestic Corporation Not Subject to 2-1/2% Tax on Gross Philippine Billings
BIR Ruling No. 001-76 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jan 13, 1976
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January 13, 1976 BIR RULING NO. 001-76 Domestic corporation not subject to 2-1/2% tax on gross Philippine billings . In reply to your letter dated October 27, 1975, I have the honor to inform you that a domestic corporation is not subject to the 2% tax on gross Philippine billings imposed by Section 24 (b)(2) of the Tax Code on the income derived by it in operating a Philippine Flag vessel used in international shipping. cdta Such income which includes both outgoing and incoming passenger and cargo revenue are subject to the regular corporate income tax imposed by Section 24(a) of the Tax Code. cdt
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