BIR Ruling

February 18, 1977 Second Bulacan Development Bank Banga, Meycauayan, Bulacan 2613 Attention: Mr . Luis C . Diez Assistant General Manager Gentlemen : This refers to your letter dated March 25, 1976 to the Regional Director, Revenue Region No. 3-B, Valenzuela, Bulacan, which was referred to this Office for appropriate action on your request for a certification that you are exempt from the payment of all taxes, pursuant to Section 10 of Republic Act No. 4093 as amended, which is hereunder quoted for ready reference. "Sec. 10. All private development banks, with net assets not exceeding ten million pesos for class C, twenty million pesos for Class B, and thirty million pesos for Class A banks, excluding the counterpart capital subscribed and paid-in by the Development Bank of the Philippines, shall be totally exempt from payment of all taxes, charges and fees of whatever nature and description except from compensating tax and tariff duties. . . " cdti It appearing upon investigation conducted by this Office that as of December 31, 1975, your net assets amounts only to P2,921,120.00, excluding the counterpart capital subscribed and paid-in by the Development Bank of the Philippines, you are exempt from all taxes, charges and fees of whatever nature and description, except compensating tax and tariff duties. Very truly yours, EFREN I. PLANA Acting Commissioner of Internal Revenue TAN-1456-040-3