VAT Ruling No. 057-88
VAT Ruling No. 057-88 • Bureau of Internal Revenue (BIR) Issuances • VAT Rulings • Mar 8, 1988
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March 8, 1988 VAT RULING NO. 057-88 100 (1-a)-000-00-057-88 Philex Mining Corporation Brixton Cor. Fairlane St. Pasig, Metro Manila Attention: Mr . Bustamante O . Medina Treasurer and Controller S i r s : This has reference to your application for zero-rate filed with this Office last January 25, 1988. prcd In reply, please be informed that under Sec. 2 of E.O. 581 as amended by E.O. 587, gold sold to the Central Bank is considered export sale which under Section 100 (a-1) of the NIRC as amended by E.O. No. 273 is subject to zero rate. In this connection, there is no need to file an application for zero rate inasmuch as your status as a VAT registrant automatically subjects your sale to Central Bank to zero rate. You are, however, still required to file a quarterly return within 20 days following the end of each quarter specifically prescribed for your company. cdpr Very truly yours, VICTOR A. DEOFERIO, JR. Deputy Commissioner
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