Taxability of Wrist Watches Studded With Diamonds
BIR Ruling No. 015-60 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jan 21, 1960
Full text
January 21, 1960 BIR RULING NO. 015-60 H. E. Heacock, Inc. P. O. Box 119 M a n i l a Gentlemen : In answer to your letter of even date, I have the honor to inform you that the wrist watches that you are expecting to receive from the Elgin National Watch Co., U. S. A.., which you described as studded with diamonds, are subject to 50% advance sales tax, based on the total landed cost thereof plus 100% mark-up. Very truly yours, MELECIO R. DOMINGO Commissioner of Internal Revenue
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