VAT Ruling No. 052-91

May 31, 1991 VAT RULING NO. 052-91 San Miguel Corporation No. 40 San Miguel Avenue Mandaluyong, Metro Manila Attention: Mr . Leoncio S . Cao Asst . Vice President Gentlemen : In reply to your letter dated October 16, 1990 please be informed that your contract with the PHILIPPINE CRYO FOODS CORPORATION (owner of cold storage facilities) is not a lease of real property but, rather, a warehousing contract. "WAREHOUSEMAN. One engaged in business of receiving and storing goods of others for compensation or profit; person who receives goods and merchandise to be stored in his warehouse for hire; one who, as a business and for hire, keeps and stores goods of others. (U.C.C.,7-102. State ex rel. and for Use and Benefit of Cawrse v. American Surety Co. of New York, 148 Or. 1, 35 P.2d 487, 491.) The business is public or private as it may be conducted for storage of goods of general public or for those of certain persons. ..." (BLACK'S LAW DICTIONARY) Philippine Cryo Foods Corporation, as the warehouse sector, is subject to 10% VAT pursuant to Section 102, NIRC, as amended by E.O. 273. LexLib Very truly yours, JOSE U. ONG Commissioner of Internal Revenue