Deductibility of Dollar Margin Fees Expended by Resident Citizen or Alien individuals in Remitting Money Abroad

January 7, 1960 BIR RULING NO. 020-60 Mr. Victoriano Sains Vice President Bank of the Philippine Island P. O. Box 777, Manila S i r : With reference to your letter dated December 29, 1959, please be informed that the dollar margin fee is not a tax. Such being the case, dollar margin fees expended by resident citizen or alien individuals in remitting money abroad are deductible for purposes of the income tax only if expended in accordance with the provisions of section 30(a)(1) of the National Internal Revenue Code; otherwise, they are not deductible. (BIR Ruling No. 539, S. of 1959.) In other words, expenses which are personal in nature, such as remittances to your family residing abroad including the 25% margin fee paid thereon, are not deductible from your gross income. cdta Very truly yours, MELECIO R. DOMINGO Commissioner of Internal Revenue