April 4, 2019
ITAD BIR RULING NO. 005-19
Item 5 of the Protocol to the Philippines-Japan tax treaty, as amended;
BIR Ruling No. DA-39-05
Sycip Gorres Velayo and Co.
6760 Ayala Avenue
Makati City
Gentlemen :
This refers to your tax treaty relief application filed on November 27, 2012 requesting confirmation that the conversion of a portion of the profits of The Bank of Tokyo-Mitsubishi UFJ Ltd.-Manila Branch ("Bank of Tokyo-Manila Branch") to its permanently assigned capital is subject to branch profits remittance tax at the rate of 10% pursuant to the Convention between the Republic of the Philippines and Japan for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income ("Philippines-Japan tax treaty"), as amended. 1
FACTS
Bank of Tokyo-Manila Branch is the branch office in the Philippines of The Bank of Tokyo-Mitsubishi UFJ Ltd. ("Bank of Tokyo") (formerly The Bank of Tokyo-Mitsubishi Ltd.) of Japan. Bank of Tokyo is a corporation organized and existing under the laws of Japan and a resident thereof based on its Articles of Incorporation and Certification of Residence issued...
