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BIR RULING No. 158-98 (Conversion of preferred shares to common shares)

BIR RULING No. 158-98 176-000-00-158-98

BIR RULING No. 158-98 | 1998-11-10

Metro Pacific Corporation
41-41F Rufino Pacific Tower
Ayala Avenue corner Herrera St.
Makati City

Attention: Atty. Rene G. Bañez
Group Vice President - Tax

Gentlemen :

This refers to your letter dated October 28, 1998 requesting for a ruling that the conversion of preferred shares to common shares is considered as one single and a continuing, transaction and, therefore, documentary stamp tax should be paid only once.

It is represented that Metro Pacific Resources, Inc. (MPRI) is a registered and beneficial owner of series 1 Preferred Shares of Metro Pacific Corporation (MPC); that each Preferred Share was subscribed at P520.00; that because...