Shipment of Geophones and Cables Which Arrived on the SS "Fernsea"

November 20, 1959 BIR RULING NO. 590-59 San Jose Oil Company, Incorporated 411 Shurdut Building Intramuros, Manila Gentlemen : Reference is made to your letter dated November 18, 1959 relative to your shipment of one (1) box geophones and cables which arrived on the SS "Fernsea" on November 5, 1955. You represented that the shipment will be used in the seismic survey of San Jose Oil Company's petroleum exploration concessions and will be re-exported to the United States within a period of six months. In reply thereto, I have the honor to inform you that inasmuch as the articles in question will be re-exported, they may be released from customs custody without prepayment of the compensating tax. However, as security for the re-exportation of the articles in question, you are required to file a bond with this Office in an amount equivalent to the value of the compensating tax that may be due and payable. You are therefore requested to file the aforesaid bond and upon receipt thereof the authority to release you shipment without prepayment of tax shall be issued. LLjur Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue