Documentary Stamps Affixed to the Surety Bond

October 14, 1958 BIR RULING NO. 620-58 The Chief, Manila Agents Thru the Regional Director B.I.R. Regional District No. 3 Manila S i r : There is enclosed herewith a copy of the letter of the Director of Mines informing this Office that no documentary stamps have been affixed to the surety bonds issued by the Metropolitan Insurance Company as surety, and the Acoje Oil Exploration and Drilling Co., Inc., as principal. cdt Surety bonds are subject to the documentary stamp tax of six centavos on each four pesos, or fractional part thereof, of the premium charged, pursuant to Section 222 of the National Internal Revenue Code. The documentary stamps are affixed to the bond itself or to the duplicate thereof in case a duplicate is kept by the issuing company. Investigation should be made to ascertain whether or not the required documentary stamps have been affixed by the company to all bonds issued by it. In the negative case, the necessary assessment should be made and reported to this Office. cdta Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue