BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Aug 4, 1977
Full text
August 4, 1977 Home Financing Commission 53 Dasmarias, Manila Gentlemen : In reply to your letter dated July 12, 1977, please be informed that since you are an entity exempt from income tax pursuant to R.A. No. 580, otherwise known as the Home Financing Act, as amended by Republic Acts Nos. 1557 and 5488, the interest income you earn on your savings and time deposits is likewise exempt from the withholding tax prescribed by Presidential Decree No. 1156. This will serve as authority of your depository bank not to subject the interest income of your savings and time deposits to the 15% withholding tax, 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-D1023-A-2
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