BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Nov 23, 1977
Full text
November 23, 1977 Social Club ' s Interest Earnings from Its Time Deposits In reply to your letter dated October 27, 1977, I have to honor to inform you that since that Association has been found and certified to by this Office in a ruling dated August 30, 1976 as a social club falling within the purview of a club organized and operated exclusively for pleasure, recreation and other non-profitable purposes under Section 27(h) of the Tax Code, and as such is exempt from the 15% withholding tax prescribed by Presidential Decree No. 1156. This serves as authority of the depository banks to forego withholdings of the 15% tax on the interest income of the savings account maintained by that Association with them. cdt
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