BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Aug 8, 1977
Full text
August 8, 1977 The Asia Foundation Cor. T. M. Kalaw and A. Mabini Sts. Ermita, Manila Gentlemen : In reply to your letter dated June 20, 1977, please be informed that the Asia Foundation Provident Fund has been found by this Office to be a reasonable retirement plan within the contemplation of Republic Act No. 4917, and as such, one of its privileges is that the income of the trust fund from its investment is exempt from income tax. Accordingly, the interest income which the Fund earns on its savings and time deposits is exempt from the withholding tax prescribed by Presidential Decree No. 1156. This will serve as authority of the Fund's depository bank not to subject the interest income of its savings and time deposits to the 15% withholding tax, in accordance with Section 3 of Revenue Regulations No. 8-77 implementing the aforesaid Decree. Very truly yours, CONRADO P. DIAZ Deputy Commissioner of Internal Revenue TAN-D2567-D1025-A-2
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