BIR Ruling No. 050-82
BIR Ruling No. 050-82 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Mar 4, 1982
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March 4, 1982 BIR RULING NO. 050-82 244 000-00 050-82 Metropolitan Bank and Trust Company Metrobank Plaza Buendia Avenue Extension Makati, Metro Manila Attention: Mr . Alberto C . Ruiz Head, Legal Research and Documentation Department Gentlemen : This refers to your letter dated July 20, 1981 seeking clarification as to the amount of documentary stamp tax that should be affixed to non-negotiable promissory notes which you and your clients execute in connection with the loans you grant to them. In reply, I have the honor to inform you that a non-negotiable promissory note by itself is not subject to any documentary stamp tax. However, when the loans you grant to your clients evidenced by the said non-negotiable promissory notes are secured by pledge or mortgage, the pledge or mortgage is subject to the documentary stamp tax imposed under Section 244 of the Tax Code of 1977, as amended. cdtech Very truly yours, RUBEN B. ANCHETA Acting Commissioner
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