January 30, 1998
PSE MEMO FOR BROKERS NO. 043-98
SUBJECT : BIR Revenue Regulations No. 13-97
This refers to BIR Revenue Regulations No. 13-97 (Annex "A") requiring all persons liable for the value-added tax (VAT) to submit to the BIR each and every name of all buyers and sellers/suppliers of goods and services subject to VAT, to be contained in the quarterly Summary Lists of their Sales and Purchases of goods and services.
Please be informed that our own in-house lawyers have unearthed Letter of Instructions ("LOI") No. 1133 (Annex "B" hereof) limiting the documents that may be required by BIR on stock transactions and prohibiting the inquiry into the sourcing of funds used in the acquisition of stocks listed in the stock exchange. Invoking the principle behind the LOI, we have filed a Motion for Reconsideration (Annex "C" hereof) of the implementation of the said Revenue Regulation and the suspension of the filing period contained therein. Cdphil
In the meantime, opinions gathered from our external lawyers, tax consultants and the BIR suggest that the last day for filing for...
