Exemption from Payment of the Documentary Stamp Tax on Checks
BIR Ruling No. 630-59 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Dec 28, 1959
Full text
December 28, 1959 BIR RULING NO. 630-59 The Philippine National Cooperative Bank c/o Department of Commerce and Industry Boston St., Port Area M a n i l a Gentlemen : This is in connection with your request for exemption from payment of the documentary stamp tax on checks to be issued by you to your customers. According to the certificate of registration issued by the Administrator of the Cooperative Administration Office you are a cooperative bank organized and registered under Republic Act No. 2023. Section 66, paragraph 2, of the said Act provided as follows: "Sec. 66. Cooperatives registered under this Act shall, notwithstanding the provisions of existing law to the contrary, enjoy the following exemptions: "(2) They shall be exempt from the payment of documentary stamp tax, residence taxes, tax on banks and insurance companies and municipal or city taxes." In accordance with the abovequoted provisions of Republic Act No. 2023, you are exempt from the payment of the documentary stamp tax on the checks to be issued by you to your customers. Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue
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