Documentary Stamp Tax Exemption Granted to Central Bank

February 5, 1959 BIR RULING NO. 046-59 The Manager Manila Railroad Company Manila S i r : In reply to your query regarding the question of whether or not the Central Bank of the Philippines is exempt from payment of the documentary stamp tax on bills of lading covering shipment of currency thru the Manila Railroad, I have the honor to quote hereunder the pertinent provisions of Republic Act 265: cdpr "SEC. 130. Tax exemptions . The Central Bank of the Philippines shall be exempt from all national, provincial, municipal and city taxes and assessments now in force or hereafter established. "The exemptions authorized in the preceding paragraph of this section shall apply to all property of the Central Bank, to the resources, receipts, expenditures, profits and income of the Bank, as well as to all contracts, deeds, documents and transactions related to the conduct of the business of the Bank; . . ." Pursuant to the abovequoted provisions of its Charter, the Central Bank is exempt from paying the documentary stamp tax on bills of lading covering its shipments of currency thru the Manila Railroad. prcd Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue By: (SGD.) MISAEL P. VERA Acting Deputy Commissioner of Internal Revenue