VAT Ruling No. 100-88
VAT Ruling No. 100-88 • Bureau of Internal Revenue (BIR) Issuances • VAT Rulings • Apr 7, 1988
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April 7, 1988 VAT RULING NO. 100-88 103 (q)-000-00-100-88 Ms. Emelita C. Mallari Accounting Department Makati Medical Center Makati, Metro Manila M a d a m : This is in reply to your letter seeking for clarification on the taxability of rent income. Based on the provisions of Section 103(q) Title IV of the National Internal Revenue Code as amended by E.O. 273, leasing of real property is exempt from payment of the value-added tax. Title V (OTHER PERCENTAGE TAXES) does not also impose any percentage tax on rent income. However, rent income is subject to the income tax. Very truly yours, BIENVENIDO A. TAN, JR. Commissioner of Internal Revenue By: VICTOR A. DEOFERIO, JR. Deputy Commissioner
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