Filing of the Yearly Statement of Net Worth and Operations

July 29, 1958 BIR RULING NO. 399-58 The Regional Director BIR Regional District No. 8 Iloilo City S i r : In answer to the question propounded by Mr. R. M. Litonjua of Bacolod City in his letter dated June 2, 1958 which you transmitted to this Office together with your letter dated July 11, 1958, you are hereby informed that taxpayers whose gross quarterly sales, earnings, receipts or output are more than P5,000 but less than P25,000 should file the yearly statement of net worth and operations with their income tax returns. Failure on the part of the said class of taxpayers to submit their yearly statement of net worth and operations with their income tax return makes them liable to the compromise penalty prescribed in paragraph IV of General Circular No. V-236. aisadc Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue