BIR Ruling

September 10, 1969 The Action Line c/o The Manila Times P.O. Box 775 Manila Gentlemen : In reply to the letter to you of Mr. Leovigildo P. Vito of 112-B Lacson Street, Bacolod City K501 dated January 20, 1969 which was referred to this Office for appropriate action, I have the honor to inform you that private development banks with net assets not exceeding P10,000,000 for Class C, P20,000,000 for Class B, and P30,000,000 for Class A banks excluding the counterpart capital subscribed and paid-in by the Government are exempt from all taxes, charges and fees of whatever nature and description except from compensating tax and tariff duties pursuant to Republic Act No. 4093 as amended by Republic Act No. 4887 and income tax liability pursuant to Republic Act No. 5431 which took effect on June 27, 1968. Accordingly, private development banks meeting the net assets requirements are exempt from renewing their Residence Certificates C and C-1 under said amendatory Act. prcd Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue