Exemption from the Payment of Withholding Tax — Stock Brokerage
BIR Ruling No. 044-81 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Feb 20, 1981
Full text
February 20, 1981 BIR RULING NO. 044-81 053-f 000-00 044-81 Eastern Securities Development Corporation Room 408 Pacific Bank Building 460 Quintin Paredes Street Metro Manila Attention: Mr . Willy N . Ocier Vice-President Gentlemen : In reply to your letter-query dated December 11, 1980, please be informed that pursuant to Revenue Regulations No. 13-78, as amended by Revenue Regulations No. 6-79, implementing Section 53(f) of the Tax Code, as amended by Presidential Decree No. 1351, only income payments to persons enumerated therein are subject to withholding tax. Accordingly, since the business of stock brokerage, is not specifically mentioned therein, the income payments paid to you in connection with your business of stock brokerage are not subject to withholding tax. aisadc Very truly yours, RUBEN B. ANCHETA Acting Commissioner
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