Taxability of an Automobile to be Imported by the Rural Bank of Santa Cruz, Inc.
BIR Ruling No. 100-60 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Mar 15, 1960
Full text
March 15, 1960 BIR RULING NO. 100-60 Rural Bank of Santa Cruz, Inc. Santa Cruz, Marinduque Gentlemen : In reply to your letter dated March 14, 1960 requesting information as to the taxability of an automobile to be imported by the Rural Bank of Santa Cruz, Inc. for its official use, I have the honor to inform you that since, as represented by you, the net assets of the aforesaid bank does not exceed P700,000.00, you are exempt from the compensating tax otherwise due and payable on the imported automobile, pursuant to section 14 of Republic Act No. 720 as amended by Republic Act No. 1097. Very truly yours, MELECIO R. DOMINGO Commissioner of Internal Revenue
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