BIR Ruling No. 237-61
BIR Ruling No. 237-61 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jul 21, 1961
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July 21, 1961 BIR RULING NO. 237-61 Mr. Teofilo Reyes, Jr. Room A-16, Civic House Manila Hotel Manila S i r : Your letter to the Executive Secretary requesting the suspension of taxes on "all manufacturing and industrial plants which have been damaged extensively by the recent floods" was referred to this Office for reply. The power to grant tax exemptions, like the power to tax, is exclusively lodged in Congress. This Office can only enforce the tax laws, and the exemptions therefrom provided for in said laws. We regret to inform you that there is no law authorizing the suspension of taxes on entities who suffer-losses on account of floods or other calamities. In this connection, please be informed that the losses actually sustained by the abovementioned entitles during the year on account of floods can be deducted from their gross income in the same year to the extent that they were not compensated by insurance or otherwise. prcd Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue
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