Philippine Amanah Bank Not Required to Pay Capital Gains Tax
BIR Ruling No. 177-85 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Oct 4, 1985
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October 4, 1985 BIR RULING NO. 177-85 34-(b) 163-83 177-85 Gentlemen : In reply to your letter dated May 22, 1985, please be informed that the final capital gains tax prescribed under Section 34(h) of the Tax Code, as amended by Batas Pambansa Blg. 37 and as implemented by Revenue Regulations No. 8-79, as amended by Revenue Regulations No. 9-84 applies only to individual taxpayers. Accordingly, the Philippine Amanah Bank, a duly organized corporation, is not required to pay the capital gains tax prescribed under the aforementioned Section of the Tax Code. However, the gains realized from the sale of its acquired assets should be included in the Bank's annual income tax return as ordinary gain. This serves as authority for the Philippine Amanah Bank, to register with the Register of Deeds, the sale or other disposition of its real properties without the required certification prescribed under Section 7 of Revenue Regulations No. 8-79. cdtech Very truly yours, (SGD.) TOMAS C. TOLEDO Acting Commissioner
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