BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Oct 7, 1977
Full text
October 7, 1977 Philippine National Bank Regional Office San Fernando, La Union Gentlemen : In reply to your telegram dated August 10, 1977, please be informed that only rural banks certified by the Central Bank of the Philippines to be having "net assets not exceeding one million pesos, excluding the counterpart capital subscribed and paid by the Government", shall be exempt from income tax and accordingly, from the 15% withholding tax imposed on interests on bank deposits by Presidential Decree No. 1156. Very truly yours, BERNARDO D. CARPIO Assistant Commissioner of Internal Revenue TAN-C6110-A1014-A-7
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.