Income Derived from Overseas Shipping Now Subject to Tax
BIR Ruling No. 006-69 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Feb 27, 1969
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February 27, 1969 BIR RULING NO. 006-69 Mr. Arsenio P. Torres Vice-President & Treasurer Liberty Shipping Corporation 1010 Building, Mabini St. Ermita, Manila S i r : This refers to your letter dated September 13, 1968 requesting a ruling on whether or not the Liberty Shipping Corporation is exempt from the payment of tax on income allegedly derived from its overseas shipping business pursuant to Section 2 of Republic Act No. 1407, as amended by Republic Act No. 4146. In reply, I have the honor to inform you that pursuant to Section 24 of the Tax Code, as last amended by Republic Act No. 5431 which was approved on June 27, 1968, all corporate taxpayers are now subject to income tax, the provisions of existing special and general laws to the contrary notwithstanding. The income derived from overseas shipping is now, therefore, subject to tax, the exemption provided for by Republic Act No. 1407, as amended, notwithstanding. The 25%-35% rates of tax prescribed by Republic Act No. 5431 are applicable to income derived beginning July 1, 1968. aisadc Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue
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