Tax Imposed on the Purchase of an Automobile from an American Citizen
BIR Ruling No. 609-58 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Oct 27, 1958
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October 27, 1958 BIR RULING NO. 609-58 Mr. Guillermo R. Sanchez President, Butuan City Rural Bank Butuan City S i r : In reply to your letter dated October 24, 1958, I have the honor to inform you that, under Section 14 of Republic Act No. 720, as amended by Republic Act No. 1097, "all Rural Banks created and organized under the provisions of this Act, with net assets not exceeding seven hundred thousand pesos, shall be exempt from the payment of all taxes, charges and fees of whatever nature and description". In view thereof, your contemplated purchase of an automobile from an American citizen employed at the Subic Bay for the official use of the bank will be exempt from the sales or compensating tax, it appearing from your representation that the net assets of the bank do not exceed P700,000. Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue
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