Request to be Allowed to File Annual Information Returns on or Before September 15, 1995 for the Year

June 29, 1995 BIR RULING NO. 099-95 40 000-00 099-95 Loyola School of Theology Loyola Heights, Quezon City Attention: Mr . Pedro C . Sevilla, S . J . President Gentlemen : This refers to your letter dated March 21, 1995 requesting that you be allowed to file your annual information returns on or before September 15, 1995 for this year. llcd It is represented that Loyola Institute for Studies on the Development of Man and Society, Inc. is a non-stock non-profit educational institution for theology and theological studies and located at the Ateneo de Manila University campus at Loyola Heights, Quezon City; that it is currently operating on calendar year basis and is thus filing its annual information return on that basis; and that as an educational institution, however, you want to shift your accounting period from the calendar period (January to December) to a fiscal period (June to May of the succeeding year) in order to coincide with the school year and your budgetary operations. In reply, please be informed that Section 40 of the Tax Code, as amended, allows the change of accounting period of a taxpayer, other than an individual, from calendar year to fiscal year or vice versa or from one fiscal year to another provided that the net income shall, with the approval of the Commissioner of Internal Revenue, be computed on the basis of such new accounting period, subject to the provisions of Section 41 of the same Code. In view thereof, your request for a change of the accounting period from calendar year or fiscal year (June to May) is hereby granted subject to the conditions stated under Sec. 40 of the Tax Code, and your annual information returns for this year may be filed with the Revenue District Office where your school is located on or before September 15, 1995 Very truly yours, RENE G. BAEZ Acting Commissioner