Tax Imposed on Imported Iron Bolts With Nuts
BIR Ruling No. 310-58 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jun 10, 1958
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June 10, 1958 BIR RULING NO. 310-58 Mr. Antonio A. Veloso Certified Public Accountant P. O. Box 916, Manila S i r : In answer to your inquiry of the 9th instant, I have the honor to inform you that imported iron bolts with nuts, such as that submitted by you as sample, are subject only to the 7% advance sales tax, based on the total landed costs thereof plus 25% mark-up, pursuant to Section 183(b), in relation to Section 186 of the National Internal Revenue Code, as amended. This serves as authority for the Commissioner of Customs, Manila, to release the aforesaid articles upon prepayment of the 7% sales tax as above-indicated. LLjur Very truly yours, (SGD.) JOSE ARAAS Commissioner of Internal Revenue
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