Taxability of the Benefits Received under US laws
BIR Ruling No. 718-58 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Dec 24, 1958
Full text
December 24, 1958 BIR RULING NO. 718-58 Mr. John H. Gooch Gabin, Albay S i r : In reply to your letter requesting information as to the taxability of the benefits you received under the laws of the United States and your business as a broker, I have the honor to inform you as follows: prcd Benefits received by persons residing in the Philippines under the laws of the United States administered by the United States Veterans Administration are exempt from tax, pursuant to Republic Act No. 360. Accordingly, you need not pay any tax for the benefits you received from the U.S. Government. As a broker you are subject to the fixed and percentage taxes prescribed in Sections 182(A) and 195 of the Tax Code. The fixed tax is P150.00 per annum payable annually or semi-annually and the percentage tax is 6% of your monthly gross receipts, payable within twenty (20) days after the end of each month. cdpr Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue
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