Tax Liability of DBP

February 27, 1981 BIR RULING NO. 047-81 034-h 000-00 047-81 Development Bank of the Philippines DBP Building, Buendia Avenue Makati, Metro Manila Attention: Mr . Rafael A . Sison Acting Chairman Gentlemen : In reply to your letter dated July 11, 1980, please be informed that the final tax on capital gains prescribed under Revenue Regulations No. 8-79, implementing Section 34(h) of the Tax Code, as amended by Batas Pambansa Blg. 37 applies only to individual taxpayers. Accordingly, the Development Bank of the Philippines, a duly organized corporation, is not required to pay the capital gains tax prescribed under the aforementioned Section of the Tax Code. However, the gains realized from the sale of its acquired assets should be included in the Bank's annual income tax return as ordinary gains. This serve as authority for the Development Bank of the Philippines, its branches and sub-branches, to register with the Register of Deeds, the sale or other disposition of its real properties without the required certification prescribed under Section 7 of Revenue Regulations No. 8-79. Very truly yours, RUBEN B. ANCHETA Acting Commissioner