Tax on the Business of Buying Back Pay Acknowledgments
BIR Ruling No. 123-58 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Feb 24, 1958
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February 24, 1958 BIR RULING NO. 123-58 Mr. Antonio A. Fojas Certified Public Accountant 2094 Juan Luna St., Gagalangin Tondo, Manila S i r : In answer to your letter of the 18th instant, I have the honor to inform you that persons engaged in the business of buying back pay acknowledgments are not subject to any internal revenue tax on business. It may be stated, however, that the income derived from the aforesaid business should be returned at the end of every calendar year, for purposes of the income and additional residence taxes. LexLib Very truly yours, (SGD.) JOSE ARAAS Commissioner of Internal Revenue
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