BIR Ruling No. 449-61
BIR Ruling No. 449-61 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Dec 26, 1961
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December 26, 1961 BIR RULING NO. 449-61 Your letter to the Regional Director regarding the disposition of the 5% tax on bank receipts was referred to this Office for action. cdll In reply, please be informed as follows: Revenue derived from the 5% tax on bank receipts, not especially disposed of by law, shall accrue to the National Treasury and shall be available for the general purposes of the Government (Section 362 of the Tax Code). Of the national internal revenue accruing to the National Treasury under Section 362 of the Tax Code, there shall be set apart 10% as allotment to provinces and chartered cities to be divided equally between their general and road and bridge funds, and 2% to municipalities, to be divided equally between their general and permanent improvement funds (Section 8, G. R. No. 586, as amended by R. A. No. 781). llcd
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