VAT Ruling No. 074-88
VAT Ruling No. 074-88 • Bureau of Internal Revenue (BIR) Issuances • VAT Rulings • Mar 24, 1988
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March 24, 1988 VAT RULING NO. 074-88 100 (a)-000-00-074-88 Atlas Consolidated Mining and Development Corp. 8770 Paseo de Roxas Makati, Metro Manila Attention: Z . T . Y . Castrillo, Jr . Vice-President & Asst . Treasurer S i r : This has reference to your application for zero-rate submitted with this Office last January 26, 1988. 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 an export sale which under Section 100 (a-1) of the NIRC as amended by E.O. No. 273 is subject to zero-rate if such sale is made by a VAT-registered person. 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. Very truly yours, EUFRACIO D. SANTOS Deputy Commissioner
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