Purchase and Sale of Gold and Silver (bullion)
BIR Ruling No. 228-59 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Apr 21, 1959
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April 21, 1959 BIR RULING NO. 228-59 Mr. Fernando E. Villegas Certified Public Accountant 661/7 Gandara St., Manila S i r : In reply to your letter dated March 2, 1959, I have the honor to inform you that a person engaged in the purchase and sale of gold and silver (bullion) is a dealer in securities, subject only to a fixed annual tax of P150.00 as prescribed in section 182(A-3-s) of the Tax Code. The said business, however, is not subject to any percentage tax. For purposes of internal revenue, the question of whether the sale of gold and silver is made at wholesale or retail is immaterial. Very truly yours, (SGD.) JOSE ARAAS Commissioner of Internal Revenue
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