BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Jul 29, 1977
Full text
July 29, 1977 Zamboanga A. E. Colleges Zamboanga City Gentlemen : In reply to your letter dated July 19, 1977, please be informed that since you are an entity enjoying a preferential 10% income tax rate privilege pursuant to Section 24(a) of the Tax Code, the interest income you earn on your savings and time deposits shall be subject to the withholding tax prescribed by Presidential Decree No. 1156 only at the rate of ten (10%) per cent. This will serve as authority of your depository bank to subject the interest income of your savings and time deposits to a withholding tax of ten (10%) per cent, in accordance with Section 3 of Revenue Regulations No. 8-77 implementing the aforesaid Decree. Very truly yours, CONRADO P. DIAZ Deputy Commissioner of Internal Revenue TAN: D2567-D1025-A-2
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