Internal Revenue Service
Revenue Ruling

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 Rev. Rul. 66-29

1966-1 C.B. 39

Sec. 164

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Rev. Rul. 66-29

The margin fee authorized under Republic Act No. 2609 of the Congress of the Philippines approved July 16, 1959, and charged by the Central Bank of the Philippines and its agent banks on the purchase of foreign currency is not a tax which is deductible under section 164 of the Internal Revenue Code of 1954.