BIR Ruling [UN-431-95]

December 12, 1995 BIR RULING [UN-431-95] Itogon-Suyoc Mines, Inc. Suite 701, Ortigas Bldg. Ortigas Avenue, Pasig City Attention: Mr . Jose Ernesto C . Villaluna, Jr . President Gentlemen : This refers to your letters dated April 10 and August 1, 1995 requesting exemption from the expanded withholding tax for the year 1995 on the ground that you have suffered operating losses for the years 1992, 1993 and 1994 as reflected in your Audited Financial Statements for 1993 and 1994. In reply thereto, please be informed that since as represented, you suffered net operating losses during the immediately preceding two (2) taxable years i.e. 1993 and 1994 as reflected in your Audited Financial Statements for 1993 and 1994, you are exempt from the expanded withholding tax for the year 1995 pursuant to Section 4 (d) of Revenue Regulations No. 6-85, as amended by Revenue Regulations No. 12-94. (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 your investigation, the facts turned out to be different, then this ruling shall be considered null and void. cdtech Very truly yours, ALICIA P. CLEMENO Assistant Commissioner (Legal Service)