BIR Ruling

September 29, 1977 The Director Department of Rural Banks and Savings and Loan Associations Central Bank of the Philippines Manila S i r : I have the honor to request a certification from that Office to the effect that the net assets of the rural banks listed hereunder do not exceed one million pesos, for purposes of the income tax exemption provided for under Republic Act No. 720, as amended, otherwise known as the Rural Banks Act: 1. Rural Bank of Abra de Ilog (Occ. Mindoro) Inc., Abra de Ilog, Occidental Mindoro 2. Rural Bank of Compostela (Cebu), Inc. Compostela, Celen 3. Rural Bank of Lambunao (Iloilo), Inc. Lambunao, Iloilo 4. Rural Bank of Leganes (Iloilo), Inc. Leganes, Iloilo 5. Rural Bank of Mactan (Lapu-Lapu City), Inc., Lapu-lapu City 6. Rural Bank of Minglanilla (Cebu), Inc. Minglanilla, Cebu 7. Rural Bank of Sibalon (Antique), Inc. Sibalon, Antique 8. Rural Bank of Sta. Barbara (Iloilo), Inc. Sta. Barbara, Iloilo 9. Community Rural Bank of Tuburan (Cebu), Inc., Tuburan, Cebu The said certification would be necessary in determining whether these rural banks are exempt from the 15% withholding tax prescribed by Presidential Decree No. 1156. Very truly yours, BERNARDO D. CARPIO Assistant Commissioner of Internal Revenue TAN-C6110-A1014-A-7