Income Tax Exemption on the Professional Partnership of Real Estate Brokers
BIR Ruling No. 294-88 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jul 5, 1988
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July 5, 1988 BIR RULING NO. 294-88 50 (b) 411-87 294-88 S i r : In reply to your letter dated March 2, 1988, please be informed that a professional partnership of real estate brokers is exempt from income tax pursuant to Section 24(a) of the Tax Code, as amended. Accordingly, the commissions you will pay to said partnership for professional services rendered are exempt from the withholding tax provisions of Revenue Regulations No. 6-85 otherwise known as the revised and Consolidated Expanded Withholding Tax Regulations implementing Section 50(b) of the Tax Code, as amended. cdta Very truly yours, (SGD.) BIENVENIDO A. TAN, JR. Commissioner
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