Computation of 5% Franchise Tax Under Sec. 259 (Tax Code)
BIR Ruling No. 388-60 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Sep 8, 1960
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September 8, 1960 BIR RULING NO. 388-60 H.R. Reyes & Co., Inc. Suite 431 Regina Bldg. Escolta, Manila Gentlemen : In reply to your letter dated July 15, 1960, I have the honor to inform you that as held by the Supreme Court in the case entitled "Philippine Long Distance Telephone Co. vs. Collector of Internal Revenue", C.R. No. 1-3222, the 5% franchise tax under section 259 of the Tax Code in computed on the total gross receipts, including uncollected amounts or bad debts. cdi Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue
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