BIR Ruling No. 409-61

No date supplied BIR RULING NO. 409-61 This is with reference to your letter . . . , inquiring as to whether or not a shipping firm exempt from the payment of income tax under and in accordance with the provisions of Republic Act No. 1407 is required to file income tax return on its income during the period covered by the exemption. In reply thereto, I have the honor to inform you that notwithstanding the exemption from income tax granted by Republic Act No. 1407, a firm or corporation operating within the scope of said law should file its annual income tax return during the period covered by the exemption. Considering that only a firm engaged in the overseas shipping is granted an exemption, the return is necessary for the determination as to whether or not all its income is derived from overseas operation only. LibLex