BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Aug 11, 1977
Full text
August 11, 1977 Pambansang Korporasyon sa Elektrisidad (National Power Corporation) Anda Circle, Bonifacio Drive, Port Area Manila Attention: Mr . Z . B . Baile Actg . Asst . Gen . Manager Gentlemen : In reply to your letter dated July 20, 1977, I have the honor to inform you that the interest earnings of the savings deposits of the National Power Corporation, which is a tax-exempt government owned and controlled corporations under Section 13 of Republic Act No. 6395 as amended by Presidential Decree No. 380, are exempt from the 15% withholding tax prescribed by Presidential Decree No. 1156. This serves as authority of the depository banks to forgo withholding of the 15% tax on the interest earnings of the funds deposited with them by the National Power Corporation. Very truly yours, CONRADO P. DIAZ Deputy Commissioner of Internal Revenue TAN-D2567-D1025-A-2
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