Implementing Rules and Regulations (IRR) of R.A. No. 10143, known as the Philippine Tax Academy Act

November 11, 1976 Halfstone Light Metal Works 77 Quezon Blvd. Ext. Corner Biak-na-Bato, Q.C. Attention: Mr . Emilio Dulalia Gentlemen : This refers to your letter dated October 14, 1976 stating that you intend to open up a business which offers facilities and services to third persons, like pawnshop operators, who may wish to have their scrap gold, broken pieces of jewelries made into neckchains and the like. You also stated that these chains are not made without prior order and that the materials are supplied to your because you do not want to invest some money on these metals for the reason that their prices very daily. Based on the foregoing, you want to know the tax liability of your prospective business. In reply, please be informed that your firm is considered a contractor, subject to the fixed annual tax of P50.00 as prescribed by Section 182(A)(1) of the Tax Code. Moreover, your gross receipts derived therefrom are subject to the 3% contractor's tax under Section 191 of the same Code. aisa dc Very truly yours, EFREN I. PLANA Acting Commissioner of Internal Revenue TAN-1456-040-3