BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Aug 11, 1977
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August 11, 1977 Philippine National Railways P. O. Box 448 Manila Attention: Mr . Nicanor T . Jimenez General Manager Gentlemen : In reply to your letter dated July 15, 1977, please be informed that since you are exempt from income tax by virtue of Section 9 of your Charter, Presidential Decree No. 741, the interest income you earn on your bank deposit it likewise exempt from the withholding tax prescribed by Presidential Decree No. 1156. This will serve as authority of your depository bank not to subject the interest income of your bank deposits to the 15% withholding tax in accordance with Section 3 of Revenue Regulations No. 8-77 implementing said Decree. Very truly yours, CONRADO P. DIAZ Deputy Commissioner of Internal Revenue TAN-D2567-D1025-A-2
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