VAT Ruling No. 033-89
VAT Ruling No. 033-89 • Bureau of Internal Revenue (BIR) Issuances • VAT Rulings • Feb 9, 1989
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February 9, 1989 VAT RULING NO. 033-89 Siguion Reyna, Montecillo & Ongsiako Law offices A. Soriano Building Ayala Ave., Makati, MM Attention: Atty . Jose Lis C . Leagogo Partner S i r s : This refers to your letter dated January 23, 1989, requesting for a ruling in behalf of your client, Atlas Consolidated Mining and Development Corporation (ACMDC), on whether or not the imported portion of its materials and supplies inventory as of December 31, 1987 may be included as basis of the 8% presumptive input tax which can be applied against its future output taxes. This clarification is requested in view of the implementation of E.O No. 340 which lifted the suspension of the payment of taxes thereon pursuant to LOI No. 1416. In reply, please be informed that the taxes pertaining to the imported portion of the materials and supplies inventory of ACMDC as of December 31, 1987 can be included in the 8% presumptive input tax which can be applied against its output taxes provided that a report of such inventory shall be submitted to the BIR in accordance with Sec. 15(c) of Revenue Regulations No. 5-87. cdtech Please be guided accordingly. Very truly yours, EUFRACIO D. SANTOS Deputy Commissioner
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