Banks are Not Subject to Any Internal Revenue Privilege Tax

October 2, 1958 BIR RULING NO. 608-58 Prudential Bank & Trust Company Manila Attention : Mr . William Tiosic Technical Asst . to the President Gentlemen : In reply to your letter dated September 29, 1958, I have the honor to inform you as follows: llcd Banks are not subject to any internal revenue privilege tax. In view thereof, they are not subject to the requirement prescribed by Section 203 of the Tax Code as regards the registration of name or style, place or residence, business or occupation, and place where such business or occupation is carried on because said section covers only persons engaged in any business or occupation on which a privilege tax is imposed. Books of accounts of branch establishments must be registered prior to their use. The authority granted the main establishment to use loose-leaf ledgers does not include the branch establishments. The branch establishments cannot use loose-leaf ledgers without specific authority therefor. Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue