VAT Ruling No. 044-02

July 24, 2002 VAT RULING NO. 044-02 Sec. 109 VAT Ruling #022-00 The Fookien Times Yearbook Publishing Co., Inc. Star Group Bldg., Roberto S. Oca St. Port Area, Manila Attention: Grace Glory Go President and Publisher Madame : This refers to your letter dated July 4, 2001 requesting for a VAT exemption for your Corporation's income, the distribution and circulation of the Philippines Yearbook, a publication of The Fookien Times Yearbook Publishing Co., Inc., a copy of which was attached for our reference. In reply, please be advised that under Sec. 109, par (y) of the Tax Code of 1997, 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, is exempt from the imposition of the Value-Added Tax. In view thereof, your gross sales income from the publication of "The Philippines Yearbook" is exempt from the coverage of the Value-Added Tax since the said publication appears on regular intervals with fixed prices for subscription and sale and is not devoted principally to the publication of paid advertisements. This ruling is being issued on the basis of the foregoing facts as represented. If upon investigation, it will be discovered that the facts are different, then this ruling shall be considered null and void. Very truly yours, (SGD.) EDMUNDO P. GUEVARA Deputy Commissioner Legal & Inspection Group