Tax Credit of the People's Homesite and Housing Corporation

January 16, 1959 BIR RULING NO. 048-59 1st Indorsement Returned to the Regional Director, B.I.R. Regional District No. 4, Quezon City. If after investigation, it is ascertained that the People's Homesite and Housing Corporation is entitled to a tax credit in the amount of P740,817.62, the 1st installment of its income tax assessment for 1957-1958 is not subject to surcharge and interest considering that the tax credit of P740,817.62 is in excess of of P996,485.00, the income tax assessed against it for 1957-1958 and considering further that the claim for tax credit was filed before the due date of payment of the said assessment. However, the balance of the assessment not covered by the tax credit should be paid on or before February 15, 1959 (due date of payment of the 2nd installment). If the balance is not paid on or before February 15, 1959, the same will be subject to 5% surcharge and 1% monthly interest until fully paid, pursuant to Section 51(o) of the Tax Code. Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue