BIR Ruling No. 054-63
BIR Ruling No. 054-63 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jul 23, 1963
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July 23, 1963 BIR RULING NO. 054-63 Mr. Jose C. Jose Assistant Manager Foreign Department PNB, Manila S i r : In reply to your letters of April 26, 1963, May 21, 1963 and June 17, 1963 requesting for an opinion as to the basis of documentary stamps on applications for commercial letter of credit, I have the honor to inform you that a mere application for letter of credit is not taxable. However, letters of credit are subject to documentary stamp under Section 219 of the National Internal Revenue Code. cdta In view thereof, please be guided accordingly. Very truly yours, (SGD.) JOSE B. LINGAD Acting Commissioner of Internal Revenue
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