Application of Negotiable Certificates of Indebtedness
BIR Ruling No. 658-58 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Nov 14, 1958
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November 14, 1958 BIR RULING NO. 658-58 3rd Indorsement Returned to the Regional Director, BIR Regional District No. 5, San Pablo City Negotiable certificates of indebtedness can be applied only in payment of taxes for which the back pay recipients are directly and personally liable. Accordingly, the San Pablo Manufacturing Company cannot apply in payment of its percentage tax liability the negotiable certificates of indebtedness issued in favor of Mr. Bienvenido Aguilar. (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue
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