Conversion Rate Applicable to Compensation Paid in U.S. Dollars for Purposes of the Withholding Tax
BIR Ruling No. 013-71 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jul 22, 1971
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July 22, 1971 BIR RULING NO. 013-71 Conversion rate applicable to compensation paid in U . S . dollars to American engineering consultants for purposes of the withholding tax . For payments made in dollars to the U.S. Consultants prior to February 21, 1970, the rate of exchange applicable is still P3.90 to $1.00. However, beginning February 21, 1970, the uniform rate of P6.25 to $1.00 shall be used. (Revenue Memorandum Circular No. 7-71, dated February 11, 1971) cdt
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