BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Sep 12, 1972
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September 12, 1972 Messrs. De Guzman, Dimaano & Associates Law Offices United St., Mandaluyong, Rizal MCC P. O. Box 1070 Makati, Rizal Gentlemen : In reply to your letter dated August 9, 1972, I have the honor to inform you that a mother corporation and its subsidiaries may adopt a common retirement plan and the employees of one may be transferred to another without effect on their membership in the retirement plan. In such cases, however, the retirement credits of the transferred employee already accrued in the transferor corporation should be transferred to the transferee corporation. Each subsidiary corporation should nevertheless submit its retirement plan and all documents prescribed by the regulations for processing. cdtech Very truly yours, MISAEL P. VERA Commissioner of Internal Revenue
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