A Private Development Bank Need Not Make and File a Return of Income for the First Three Years of Its Existence
BIR Ruling No. 067-66 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Dec 5, 1966
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December 5, 1966 BIR RULING NO. 067-66 CARLOS J. VALDEZ & CO. Certified Public Accountants 1130 Perez St., Manila Gentlemen : In reply to your letter dated May 13, 1966, I have the honor to inform you that a private development bank need not make and file a return of income as required under Section 46 of the Tax Code for the first three (3) years of its existence. However, said bank should file on or before April 15 of each year, an annual information return under oath, stating its gross income and expenses incurred during the preceding year. Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue
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