BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Sep 1, 1977
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September 1, 1977 Foundation Organized for Scientific Advancement, Exemption for Tax In reply to your letter dated August 19, 1977, I have the honor to inform you that since that Foundation has been certified by the National Science Development Board to have been organized for scientific advancement and that Foundation and its funds are dedicated to scientific pursuits within the meaning of Section 24 of Republic Act No. 2067, as amended by Republic Act No. 3539, all income of whatever kind and character which that Foundation may derive from its properties, real or properties, real or personal, or from its investments are tax-exempt. Accordingly, the interest income of the bank deposits of that Foundation are exempt from the 15% withholding tax prescribed by Presidential Decree No. 1156. This serves as authority of the depository banks to forego withholding of the 15% tax on the interest earnings of the funds deposited with them by that Foundation. aisadc
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