Internal Revenue Privilege Tax Receipts Cannot be Transferred to Another Person

December 1, 1959 BIR RULING NO. 610-59 Miss Florida Pajardo Tabi, Gubat Sorsogon M a d a m : In answer to your letter of April 27, 1959, please be informed that internal revenue privilege tax receipts cannot be transferred to another person. The vendee in this case should secure the corresponding privilege tax receipts in his own name. Furthermore, your attention is invited to the provisions of section 198 of the Tax Code which require, among others, that in case of transfer of ownership in business, the transferor should submit to the Bureau of Internal Revenue within thirty (30) days from the date of transfer an inventory of the stocks on hand at the time of such transfer. Section 337 of the same Code also requires that persons who retire from business should, within ten (10) days from such retirement or within such period as may be allowed by the Commissioner of Internal Revenue, submit to the Bureau their books of accounts and other accounting records for examination, after which they shall be returned. In the case you presented, the vendor should be the one to comply with the aforesaid requirements. LLphil Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue