BIR Ruling No. 007-64

March 5, 1964 BIR RULING NO. 007-64 Mr. Miguel M. Uy Mezzanine Floor, Koppel (Phil.), Inc. Cotabato City S i r : This is with reference to your letter requesting information on the taxes you should pay as a so-called private licensed auctioneer. LibLex In reply thereto, I have the honor to inform you that in an investigation conducted by an agent of this Office, it was ascertained that your functions, as such auctioneer will consist in the foreclosure sale of pawned articles and mortgaged properties and that your duties essentially consist of the following: 1. To comply with all the legal requirements of public bidding, such as announcements and publications; 2. To publicly auction the properties thus published for sale; 3. To execute deeds of sale for and in the name of the owner of the property; and 4. To issue certificates to the effect that the requisites of law have been complied with in the auction. It was further ascertained that for such service, you shall be paid a fee. Under the foregoing facts, you are not subject to any tax on business. However, your income from such activity shall be subject to the income and additional residence taxes. LLphil Very truly yours, (SGD.) BENJAMIN N. TABIOS Acting Commissioner of Internal Revenue