Bureau of Internal Revenue. FILE PHOTO MANILA, Philippines –The Bureau of Internal Revenue (BIR) has scrapped the prior confirmatory ruling requirement for qualifying nominee transfers of
Bureau of Internal Revenue. FILE PHOTO
MANILA, Philippines – The Bureau of Internal Revenue (BIR) has scrapped the prior confirmatory ruling requirement for qualifying nominee transfers of proprietary club shares, saying the transactions are tax-exempt.
Proprietary club shares give corporations ownership interests and membership rights in private clubs for business purposes.
READ: BIR issues rules on higher stock transaction tax under TRAIN Law
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