Revenue Bulletin 1-03-No Ruling Areas.pdf - REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE Quezon City REVENUE BULLETIN NO

Revenue Bulletin 1-03-No Ruling Areas.pdf - REPUBLIC OF THE...

This preview shows page 1 - 3 out of 4 pages.

1 REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE Quezon City REVENUE BULLETIN NO. 1-2003 NO-RULING AREAS - 001 SUBJECT : Prescribing the Procedure and Guidelines for the Proper Handling of Request for Rulings Which are Determined Hereunder as “No- Ruling Areas”, and Providing the Initial List of “No-Ruling Areas”. TO : All Internal Revenue Officers and Others Concerned Section 1 . Background and Scope . – Section 4 of the Tax Code of 1997 grants the Commissioner of Internal Revenue the exclusive and original jurisdiction to interpret the provisions of the Tax Code of 1997 and other tax laws. On the other hand, the Legal Service, particularly the Law Division and the International Tax Affairs Division, and the Legal Divisions in the Revenue Regions, as well as the VAT Review Committee reconstituted under Revenue Special Order No. 413- 2001 dated August 31, 2001, are responsible for preparing the rulings to be signed and issued by the appropriate revenue official. The ruling function is limited to the determination of purely legal issues, as opposed to questions of fact. Likewise, the ruling function need not be exercised where the law, rule or regulation is clear, thereby dispensing with the need for the interpretation thereof. Accordingly, this Revenue Bulletin is issued for the purpose of declaring certain issues or subject matter as “No-Ruling Areas”, on which the appropriate office of the Bureau is hereby instructed not to accept any request for rulings covered by this Revenue Bulletin or any amendments thereto. Section 2 . List of No-Ruling Areas . – The following shall hereby be construed and identified as “No-Ruling Areas”: a) Tax treatment of the sale or disposition of Principal Residence under Section 24(D)(2) of the Tax Code of 1997 as implemented by Revenue Regulations 14-2000 and circularized in Revenue Memorandum Circular No. 45-2002;
Image of page 1