BIR Ruling

April 23, 1976 Marikina Heights Homeowners Association, Inc. Marikina Heights, Marikina, Rizal Attention: Mr . Manuel D . Benipayo President Gentlemen : In reply to your letter dated March 31, 1976, I have the honor to inform you that for income tax purposes, the contributions to be solicited and received by the Marikina Heights Homeowners Association, Inc. which, as represented, will be earmarked, set aside and used exclusively in the administration and development of designated municipal government-owned areas as parks within Marikina Heights Subdivision, Marikina, Rizal pursuant to Municipal Council of Marikina Resolution No. 136 dated October 29, 1975 are deductible from the gross income of the contributor to an amount not in excess of six per centum in the case of an individual, and three per centum in the case of a corporation, of the taxpayer's taxable net income as computed in accordance with Section 30(h) of the Tax Code. Very truly yours, EFREN I. PLANA Acting Commissioner of Internal Revenue TAN-1456-040-3 "TAXPAYERS SHOULD INDICATE THEIR TAN IN ALL COMMUNICATIONS TO THE BIR."