Permission to Establish a Branch Office

August 13, 1959 BIR RULING NO. 378-59 The President Quezon City Development & Financing Corporation Cubao, Quezon City S i r : Reference is made to your letter of the 17th instant, requesting permission to establish a branch office in the City of Manila. From the papers accompanying your said letter, we gather that corporation is engaged in business as a lending investor. In answer thereto, I have the honor to inform you that permission from this Office is not necessary before such an office can be put up. However, before commencing business thereat, the privilege tax imposed upon lending investors by section 182(A)(3)(u) of the Tax Code should first be paid, and within ten (10) days after payment thereof, you should register with the City Revenue Officer, B.I.R. Regional District No. 3, Manila, the corporation's name, business and the place where such business is carried on, as well as the names and residences of the persons constituting the corporation, pursuant to section 203 of said Code. Such books and records as will clearly reflect the transactions to be effected in the branch establishment must be kept and used therein, it being understood that prior registration and approval of those books and records are necessary before the same can be used, pursuant to section 20, in relation to section 19 of the Bookkeeping Regulations, as amended. For purposes of such registration and approval, said books and records should be submitted to the City Revenue Officer. cdtech Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue