Convention between the Government of the Democratic Socialist Republic of Sri Lanka and the Government of the Republic of the Philippines for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income

1970 BIR RULING NO. 027-70 Rate of Exchange Applicable to Income Taxpayers in the U . S . For taxable year 1969, and for the period up to February 20, 1970, the rate of exchange applicable to income taxpayers residing in the United States is still P3.90 to $1.00, pursuant to Executive Order No. 68, series of 1965. After that period, the current rate of exchange applicable is that set forth under Central Bank Circular No. 289, effective February 21, 1970, which provides for a floating rate as determined by fluctuations in the free market. cdtech The rate of exchange applicable to the value of properties left by deceased Americans in the Philippines is governed by the rate being enforced at the time of death or six months thereafter. (Sec. 91, Tax Code, as amended by Republic Act No. 6110).