BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Jul 25, 1977
Full text
July 25, 1977 Rear Admiral Ernesto G. Ogbinar Philippine Navy Roxas Boulevard, Manila S i r : This refers to your letter dated July 11, 1977, requesting that the interest earnings of the deposits of the Philippine Navy with the Philippine Veterans Bank be exempt from the requirements of Presidential Decree No. 1156. In reply, I have the honor to inform you that as the deposits with the aforementioned bank are funds of the Philippine Navy, an agency of the Philippine Government, exercising governmental functions, the interest earnings from said deposits are exempt from income tax. Accordingly, said interest earnings; are not subject to the requirements of Section 53(c) of the Tax Code, as amended by P.D. No. 1156. This serves as authority of the Philippine Veterans Bank to forego withholding of 15% of the interest earnings of the deposits of the Philippine Navy with said bank. Very truly yours, EFREN I. PLANA Acting Commissioner of Internal Revenue TAN-P4519-F28282-A-1
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