Premiums Paid for Reinsurance to Non-resident Foreign Corporations
BIR Ruling No. 473-58 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Aug 26, 1958
Full text
August 26, 1958 BIR RULING NO. 473-58 E. E. Elser, Inc. 518-520 Ayala Bldg. Manila Gentlemen : In reply to your letter dated May 6, 1958, I have the honor to inform you that the ruling of this Office of January 26, 1957, to the effect that premiums paid for reinsurance to non-resident foreign corporations not authorized to do business in the Philippines are subject to withholding income tax at source, covers also transactions made prior to January 26, 1957. Accordingly, premiums paid for reinsurance to non-resident foreign corporations not authorized to engage in business in the Philippines in 1956 are subject to withholding income tax. LLpr Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue
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