Clarification as to Whether or Not Capital Gains Tax is Covered by Executive Order No. 41
BIR Ruling No. 249-88 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jun 6, 1988
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June 6, 1988 BIR RULING NO. 249-88 24 (a) (2) 000-00 249-88 Gentlemen : This refers to your letter dated February 11, 1987 requesting clarification as to whether or not capital gains tax is covered by Executive Order No. 41, as amended. In reply, please be informed that capital gains tax liabilities arising from the sale of capital assets are covered by Executive Order No. 41, as amended, which grants a one-time tax amnesty covering unpaid income taxes for the years 1981 to 1985. However, under Revenue Memorandum Circular No. 1-87 dated January 12, 1987, the period within which taxpayers may avail themselves of the expanded tax amnesty under Executive Order No. 41, as amended by Executive Order No. 64 is extended only up to February 3, 1987. cdta Very truly yours, (SGD.) BIENVENIDO A. TAN, JR. Commissioner
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