BIR Ruling

June 26, 1967 Nubla Foundation P.O. Box 2556 Manila Gentlemen : This refers to your letter dated June 20, 1967 requesting certification of the exemption of the Foundation. In reply, please be informed that, pursuant to Section 24 of the Income Tax Regulations, in order to establish your exemption, it is requested that you file an affidavit with this Office showing the character of the organization, the purposes for which it was organized, its actual activities , the sources of its income and its disposition, whether or not any of its income is credited to surplus or inures or may inure to the benefit of any private shareholder or individual, and in general, all facts relating to its operations which affect its right to exemption. Please attach also to the affidavit the by-laws of the Foundation and the latest financial statement showing the assets, liabilities, receipts, and disbursements of the Foundation. A categorical reply to your request shall be made as soon as the above information is received. Very truly yours, (SGD.) AMBROSIO M. LINA Acting Deputy Commissioner of Internal Revenue