BIR Ruling No. 037-61
BIR Ruling No. 037-61 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jan 20, 1961
Full text
January 20, 1961 BIR RULING NO. 037-61 The Regional Director BIR Regional District No. 3 Canonigo St., Paco, Manila S i r : With reference to your 3rd Indorsement dated December 14, 1960, you are informed that it has been the position of this Office that resident-foreign insurance companies are entitled to 5% of net premium received in the Philippines as share in head office administration expenses. This allowance has been construed by this Office in two cases now pending in court as 5% of the net income. Please be guided accordingly. Very truly yours, (SGD.) 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.