VAT Ruling No. 026-91

April 26, 1991 VAT RULING NO. 026-91 Joaquin Cunanan & Co. 8th Floor, BA-Lepanto Bldg. Makati, Metro Manila Attention: Tomasa H . Lipana Partner Madame : This has reference to your letter dated November 15, 1990 in behalf of your client, Philippine Business Profiles and Perspective, Inc. As presented, your client is the publisher and distributor of "Top 5000 Corporations-Foundation of Philippine Business", a book containing business information on top corporations in the country and analysis of local economic events. Its income consists of proceeds from sales of the books and advertising placements. Based on the foregoing, you now request for a confirmation if your client is exempt from the value-added tax (VAT) on its publication and sale of the above-mentioned book. In reply, please be informed that Top 5000 Corporations-Foundation of Philippine Business" is considered as a reference book; hence, the sale thereof is exempt from VAT pursuant to Section 103(f) of the Tax Code, as amended (VAT Ruling No. 065-90). Thus, your client, Philippine Business Profiles and Perspective, Inc. is not subject to VAT on its publication and sale of the above-mentioned book. LLjur Very truly yours, JOSE U. ONG Commissioner of Internal Revenue