Condominium Corporations Are Not Exempt From Corporate Income Tax

December 26, 2001 REVENUE MEMORANDUM CIRCULAR NO. 02-02 TO : All Internal Revenue Officers and Others Concerned SUBJECT : Condominium Corporations Are Not Exempt from Corporate Income Tax Under Section 30 of The Code, Hence, Subject to Income Tax; Sale of Service, Also Subject to 10% VAT Notice is hereby given of the loss of TWENTY NINE (29) SETS of unused BIR Form No. 2524 Revenue Official Receipt with Serial Number: ROR199900666872-ROR199900666900 The abovementioned Forms which were reported as lost by MS. DELIA G. MUNAR of Revenue District No. 3 San Fernando City, La Union have therefore been cancelled. All official transactions involving the use of such Forms are therefore considered as INVALID. Internal Revenue Officers, Employees and others concerned are requested to promptly notify this Office, in the event that the aforesaid Forms are found; and to take the necessary measures to prevent the improper or fraudulent disposition or use of said Forms. SACTIH (SGD.) ESTELITA C. AGUIRRE Deputy Commissioner Resource Management Group