BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Aug 3, 1977
Full text
August 3, 1977 Philippine National Oil Company Petrophil Building 7901 Makati Avenue, Makati Metro Manila Attention: Mr . Mario T . Meneses, Jr . Vice-President Gentlemen : In reply to your letter dated June 24, 1977, I have the honor to inform you that the Philippine National Oil Company, being an entity exempt from all taxes, duties, fees imposts, and all other charges imposed directly or indirectly by the Republic of the Philippines, its provinces, cities, municipalities and other government agencies and instrumentalities pursuant to Presidential Decree No. 334, as amended by Presidential Decree No. 572, is exempt from from the 15% withholding tax on interests on bank deposits imposed by Presidential Decree No. 1156. This serves as authority of the depository banks to forego withholding of the 15% tax on the interest earnings of the funds deposited with them by the Philippine National Oil Company. Very truly yours, EFREN I. PLANA Acting Commissioner of Internal Revenue TAN-P4519-F2828-A-8
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