BIR Ruling definition

BIR Ruling means the ruling issued by the BIR confirming: (a) the cost basis of Sellers in the Sale Shares, and (b) the taxes payable for the transactions contemplated under this Agreement.
View Source

Examples of BIR Ruling in a sentence

  • As aptly held by the CTA-First Division, there is no basis that the subject exemption was provided and ascertained only through BIR Ruling No. DA-342-2003, since said ruling is not the operative act from which an entitlement of refund is determined.34 In other words, the BIR is tasked only to confirm what is provided under the Tax Code on the matter of tax exemptions as well as the period within which to file a claim for refund.

  • Court of Appeals,27 which may be applied by analogy to the present case, to wit: Similarly, in BIR Ruling [UN-450-95], ▇▇▇▇▇▇▇▇▇ wrote the BIR to request for a ruling exempting it from the payment of withholding tax on the sale of the land by various BIR-approved trustees and tax-exempt private employees' retirement benefit trust funds represented by Citytrust.

  • All quotations shall be submitted net of any direct taxes and any other taxes and duties, unless otherwise specified below: All prices must: ☒ be exclusive of VAT and other applicable direct taxes [according to BIR Ruling No. ITAD-006-19] Language of quotation English Including documentation, catalogues, instructions and operating manuals.

  • Even assuming that respondent MERALCO could not have emphatically known the status of NORD/LB, its supposition of the same was already confirmed by the BIR Ruling which was issued on October 7, 2003.

  • The CTA En Banc also gave weight to BIR Ruling No. 10-200626 dated October 6, 2006 wherein the CIR expressly recognized the fact that the Purchase and Sale Agreement between BOC and TRB did not result in their merger.27 Elaborating on this point the CTA En Banc said: By practice, a BIR ruling contains the official written interpretative opinion of the Commissioner of Internal Revenue addressed to a particular taxpayer regarding his taxability over certain matters.

  • Since petitioner has proven that the income from the sale of the MBP lot came from an investment by the Employees' Trust Fund, petitioner, as trustee of the Employees' Trust Fund, is entitled to claim the tax refund of P3,037,500 which was erroneously paid in the sale of the MBP lot.28 Second, in the parties’ Joint Stipulation of Facts, petitioner admitted the issuance of the aforesaid BIR Ruling and did not contest it as one of the admitted documentary evidence in Court.