Legal International Par Value of the Philippine Peso
BIR Ruling No. 308-60 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jul 21, 1960
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July 21, 1960 BIR RULING NO. 308-60 Stewart, Cunanan & Co. Certified Public Accountants 107 13th St., Port Area M a n i l a Gentlemen : In reply to your letter dated May 5, 1960, have the honor to inform you that the legal international par value of the Philippine peso being equivalent to one half () of a United States, dollar, dollar expenses incurred abroad and charged to the Philippine branch of a foreign corporation doing business in the Philippines by its home office in the United States must, for income tax purposes, be booked at a 2 to 1 basis or P2.00 for every $1.00. cdtech Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue
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