Negotiable Certificates of Indebtedness Cannot be Applied in Payment of the Taxes
BIR Ruling No. 247-59 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • May 13, 1959
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May 13, 1959 BIR RULING NO. 247-59 Investment Planning Corporation of the Philippines Ayala Building, Manila Gentlemen : With reference to your letter dated February 25, 1959, I have the honor to inform you that, pursuant to Opinion No. 69, series of 1959, of the Secretary of Justice, negotiable certificates of indebtedness issued under Republic Act No. 304, as amended, cannot be applied in payment of the taxes of the assignees or indorsees thereof. lexlib Very truly yours, (SGD.) JOSE ARAAS Commissioner of Internal Revenue
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