Whether Royalty Income Derived from Atlas Consolidated Mining and Development Corporation is Subject to Final Tax
BIR Ruling No. 034-91 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Feb 25, 1991
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February 25, 1991 BIR RULING NO. 034-91 21 (c) (1) 000-00 034-91 Gentlemen : This refers to your letter dated November 17, 1990 in effect requesting a ruling as to whether your royalty income derived from Atlas Consolidated Mining and Development Corporation are subject to final tax. You are of the opinion that your royalty income is in the nature of a pension since most of you are in your old age, retired and unemployed. In reply thereto, I have the honor to inform you that your royalty income are subject to a final tax of 20% pursuant to Section 21(c) (1) of the Tax Code, as amended. Very truly yours, (SGD.) JOSE U. ONG Commissioner
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