BIR Ruling [UN-091-95]

March 7, 1995 BIR RULING [UN-091-95] Sycip Gorres Velayo & Co. 6760 Ayala Avenue Makati, Metro Manila Attention: Atty . C . P . Noel Tax Division Gentlemen : This refers to your letter dated February 7, 1995 for and in behalf of your client, Philtread Tire and Rubber Corporation requesting for the issuance of a Certificate of Exemption from Withholding Tax pursuant to Section 4 (d) of Revenue Regulations No. 6-85, as amended by Revenue Regulations No. 12-94. cd In reply thereto, please be informed that since Philtread Tire and Rubber Corporation's income tax returns for taxable years 1993 and 1992 reflect net losses in the amounts of P26,672,769 and P2,678,060 respectively, this Office is of the opinion that it is exempt from the payment of the creditable withholding tax prescribed under Section 4 (d) of Revenue Regulations No. 6-85, as amended by Revenue Regulations No. 12-94 for the year 1994. (BIR Ruling No. 126-94 dated August 15, 1994). This ruling is being issued on the basis of the foregoing facts as represented. However, if upon investigation, the facts turned out to be different, then this ruling shall be considered null and void. cdi Very truly yours, ALICIA P. CLEMENO Assistant Commissioner (Legal Service)