Request for Authority to Use Computer-Based Accounting System

May 8, 1992 BIR RULING NO. 145-92 235 255-89 145-92 Jardine Davies, Inc. Jardine Davies Building 222 Sen. Gil J. Puyat Avenue Makati, Metro Manila Attention: Mr . J . C . Castaeda, Jr. Tax Manager Gentlemen : This refers to your letter dated February 28, 1992, requesting in behalf of Industrial Steels Limited (ISL), for authority to use computer-based accounting system. You have represented that ISL is a foreign corporation duly authorized by the Securities and Exchange Commission (SEC) to establish a representative office in the Philippines to act as liaison between the Head Office in HongKong and customers in the Philippines for the import of steel products and to act as liaison between Filipino suppliers and Head Office in HongKong for export of steel products to the Asia-Pacific region; that ISL intends to use a computer system to record its daily financial transaction and post the same to the proper account; and that ISL will use diskettes and maintain a readable printout of such information or data. In reply, please be informed that your request is hereby granted subject to the following conditions: 1. A readable printout of the information/accounting data should be made available or verifiable; and 2. Diskettes containing records, classification and summary of transactions shall be subject to examination and inspection of internal revenue officer as if they are the traditional books of accounts, in accordance with Section 235 of the Tax Code. cdta Very truly yours, EUFRACIO D. SANTOS Deputy Commissioner Officer-in-Charge