Persons Engaged in Pawnshop Business are Not Considered as Lending Investors
BIR Ruling No. 424-60 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Sep 5, 1960
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September 5, 1960 BIR RULING NO. 424-60 Miss Victoria F. Villanueva 105 Quirino Avenue, Baclaran Paraaque, Rizal M a d a m : In reply to your letter dated July 25, 1960, I have the honor to inform you, that persons engaged in pawnshop business are not considered as lending investors as contemplated in Section 194(u) of the National Internal Revenue Code, and therefore, not subject to any internal revenue business tax. However, the income or receipts derived from the said business should be returned for income and additional residence tax purposes. casia Very truly yours, MELECIO R. DOMINGO Commissioner of Internal Revenue
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