BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Oct 21, 1975
Full text
October 21, 1975 Brig. Gen. Antonio S. Tamayo President, Philippine Lawn Tennis Association P.O. Box 4143, Manila S i r : This refers to your letter dated October 17, 1975, requesting tax exemption of the prize money to be given to the players who will win in the International Commercial Grand Prix Tennis Tournament to be held in Manila from October 27, to November 2, 1975. In reply, I have the honor to inform you that, for lack of legal basis, your request cannot be granted. Accordingly, the winners in the tournament will be subject to the 30% withholding tax, pursuant to Section 22(b) of the Tax Code, on the total prize money to be received by each of them. aisa dc Very truly yours, (SGD.) EFREN I. PLANA Acting Commissioner of Internal Revenue TAN-1456-040-3
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