VAT Ruling No. 004-98
VAT Ruling No. 004-98 • Bureau of Internal Revenue (BIR) Issuances • VAT Rulings • Jan 16, 1998
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January 16, 1998 VAT RULING NO. 004-98 Section 103 (Y)-031-97-004-98 Cats Comics Store D-3 Amethyst Lane, Ground Floor Virramall Shopping Arcade San Juan, Metro Manila Attention: Mr . Billy Lim-it Proprietor Gentlemen : This refers to your letter dated October 21, 1997 inquiring whether your company, Cats Comics Store, which imports and directly distributes Comic Magazines from companies such as DC Comics, Marvel Comics, Image, and Disney Comics is exempted from the payment of value-added tax on its importation. In reply, thereto, please be informed that Section 103 of the Tax Code, as amended by Republic Act No. 7716 and as further amended by Republic Act No. 8241 provides: "SEC. 103. Exempt Transactions . The following shall be exempt from the value-added tax: xxx xxx xxx (y) Sale, importation, printing or publication of books and any newspaper, magazine, review, or bulletin which appears at regular intervals with fixed prices for subscription and sale and which is not devoted principally to the publication of paid advertisements;" Such being the case, the importation made by your company of comic magazines from the different Comic companies are exempt from the value-added tax. This ruling is being issued on the basis of the foregoing facts as represented. However, if upon investigation it will be disclosed that the facts are different, then this ruling shall be considered null and void. LLjur Very truly yours, SIXTO S. ESQUIVIAS IV Deputy Commissioner Legal & Enforcement Group
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