Taxability of Gross Receipts of General Merchants and Proceeds from Sale of Agricultural Products
BIR Ruling No. 038-67 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Oct 3, 1967
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October 3, 1967 BIR RULING NO. 038-67 Mr. Carlos G. Puentespina Corner Juan Luna & Damaso Streets Davao City S i r : In reply to the queries contained in your letter dated April 19, 1967 I have the honor to inform you as follows: 1. The gross receipts or earnings of general merchants for purposes of the additional residence tax consist of their gross sales without deduction. 2. Proceeds from the sale of agricultural products by the owners of the land wherein produced are not subject to the additional residence tax, the value of the land in such cases being the basis of the tax. The proceeds from the sales of marine products are, however, subject to the additional residence tax, such proceeds being considered proceeds from business. cdll Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue
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