BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Aug 9, 1977
Full text
August 9, 1977 Philippine Heart Center for Asia East Avenue, Quezon City Attention: Dr . Avenilo P . Aventura , M . D . Director Gentlemen : In reply to your letter dated July 26, 1977, I have the honor to inform you that the interest earnings of the bank deposits maintained by the Philippine Heart Center for Asia (hereinafter referred to as PHCA) are exempt from the 15% withholding tax on interests on bank deposits prescribed by Presidential Decree No. 1156, it appearing from Presidential Decree No. 673 which created the PHCA that it shall be exempt from the payment of all taxes, charges and fees imposed by the Government or any political subdivision or instrumentality thereof for a period of ten years. 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 PHCA. Very truly yours, CONRADO P. DIAZ Deputy Commissioner of Internal Revenue TAN-D2567-D1025-A-2 "TAXPAYERS SHOULD INDICATE THEIR TAN IN ALL COMMUNICATIONS TO THE BIR."
Ask what this means for your situation
The assistant quotes the passage it relies on and links the source, so you can check every figure it gives you.