Filing of Statement of Assets, Liabilities and Net Worth

January 29, 1959 BIR RULING NO. 053-59 Mr. Dominador I. Lim 511 Nueva St. Manila S i r : With reference to your letter dated January 21, 1959, I have the honor to inform you that proprietors or operators of coconut oil mills are subject to a fixed tax of P20.00 per annum and to 2% tax on the coconut oil and the by-products of the copra from which produced, pursuant to Sections 182 and 189 of the Tax Code. However, coconut oil and the by-products of the copra from which produced are exempt from the 2% tax if exported. The 2% tax is based on the actual selling price or market value of said articles at the time of removal from the factory or mill warehouse. Machinery and equipment to be imported by your client for installation in its factory shall be subject to 7% compensating tax, the same to be based on the landed cost thereof. cdll Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue