Prescribing a Uniform Exchange Rate of U.S. Dollars and Other Foreign Currencies to Philippine Pesos for Internal Revenue Tax Purposes

March 7, 1983 REVENUE MEMORANDUM CIRCULAR NO. 09-83 SUBJECT : Prescribing a Uniform Exchange Rate of U.S. Dollars and Other Foreign Currencies to Philippine Pesos for Internal Revenue Tax Purposes TO : All Internal Revenue Officers and Others Concerned For the information and guidance of all concerned, the following rules are hereby prescribed to govern the conversion of U.S. dollars and other foreign currencies to Philippine pesos for internal revenue tax purposes effective January 1, 1983. 1. In all cases where, in the determination of the income, percentage and other internal revenue tax liabilities, of any individual, whether citizen or alien, resident or non-resident, or corporation, whether domestic or foreign, there is a need to convert the amount of tax due from U.S. dollars to Philippine pesos, the conversion rate to be applied shall be P9.50 to U.S.$1.00 or the guiding rate of exchange at the time of the transaction as quoted by the Central Bank, whichever is higher. 2. In the case of Internal revenue tax liabilities computed in foreign currencies other than U.S. dollars, the amount of tax due in foreign currency shall first be converted into U.S. dollars at the prevailing rate of exchange between the two currencies. The resulting amount shall then be converted to Philippine pesos in accordance with the rules stated in the preceding paragraph. ENFORCEMENT AND PUBLICITY All Internal Revenue Officers and others charged with the enforcement of internal revenue laws are enjoined to adhere to the provisions of this Circular and to give it the widest publicity possible. aisa dc (SGD.) RUBEN B. ANCHETA Acting Commissioner