Abolition of the 1% Foreign Currency Transaction Tax
Revenue Memorandum Circular No. 01-86 • Bureau of Internal Revenue (BIR) Issuances • Revenue Memorandum Circulars • Jan 2, 1986
Full text
January 2, 1986 REVENUE MEMORANDUM CIRCULAR NO. 01-86 SUBJECT : Abolition of the 1% Foreign Currency Transaction Tax TO : All Internal Revenue Officers and Others Concerned The provisions of Section 260A of the National Internal Revenue Code as added by Presidential Decree No. 1959 imposing the tax of 1% based on gross value of every sale or purchase of foreign exchange by all banks non-bank financial intermediaries and all authorized foreign exchange dealers was repealed Section 44 of Presidential Decree 1994. Henceforth, beginning January 1, 1986 the said 1% foreign exchange tax shall no longer be collected on every sale or purchase of foreign exchange by the said persons and/or institutions. All internal revenue officers and others concerned are hereby enjoined to give this circular the widest publicity. cdt (SGD.) RUBEN B. ANCHETA Acting Commissioner
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