Deductibility of a Margin Fee
BIR Ruling No. 036-60 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Feb 4, 1960
Full text
February 4, 1960 BIR RULING NO. 036-60 Mr. James Turner Lingayen, Pangasinan S i r : This is a formal reply to the query you posed during the Rotary Meeting at San Fernando, La Union, on February 2, 1960. Please be informed that the 25% margin fee is not a tax. Hence, it is deductible only when expended in accordance with the provisions of Section 30(a)(1) of the Tax Code. Since the fee you spend in remitting money to your family abroad is obviously a personal expense, the same is not deductible. Very truly yours, MELECIO R. DOMINGO Commissioner of Internal Revenue
Ask what this means for your situation
The assistant quotes the passage it relies on and links the source, so you can check every figure it gives you.