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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 277
TO
: The Secretary of Finance
Department of Finance
The Chairman
The Board of Governors Board of Investments
GENTLEMEN:
In order to facilitate the disposition of private lands owned by Caltex (Philippines) Inc. and affected by the termination of the Laurel-Langley Agreement, you are hereby directed to undertake the following actions and issue orders/rulings therefor:
1.
to confirm in an appropriate ruling that the
simultaneous exchange by Caltex (Philippines) Inc. and the National
Development Company of their lands for shares of stock in the Batangas
Land Company, a realty corporation, is a transaction that fully
complies with the provisions of Sec. 35 (c) (2) of the National
Internal Revenue Code as amended by R.A. No. 4522 and therefore, any
capital gains arising therefrom shall not be recognized and subjected
to tax.
2. the
immediate approval by the Board of
Investments, pursuant to Republic Act No. 5455, as amended, of the
investment by Caltex (Philippines) Inc., a non-Philippine national, in
the Batangas Land Company, a realty company not registered under the
Investment Incentives Act.
3. the
issuance by the Board of Investments to
Batangas Land Company of the written certificate as provided in Sec. 4 of Republic Act No. 5455, as amended.
Dispositions of private lands in the Philippines by other citizens of the United States similar to the mode adopted by Caltex (Philippines) Inc. shall be treated in the same manner as described above.
For immediate compliance.
May 9, 1975
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