BIR Ruling

November 12, 1969 Zosima, Incorporated 1015 Rizal Avenue Manila Attention: Mr . Armando Belen Gentlemen : In reply to your letter dated November 12, 1969, I have the honor to inform you that pursuant to Section 14-2, in relation to Section 22 of Republic Act No. 3135 which are quoted hereunder as follows: "Sec. 14. Functions, powers and duties of Associations . The National Sports Association shall have the following functions, powers and duties: "1. . . . "2. To raise funds by donations, benefits and other means for their purposes. "xxx xxx xxx "Sec. 22. Exemption of income and properties from taxes . Any laws to the contrary notwithstanding, all income, properties, and importation of sports equipment and materials by the Philippine Amateur Athletic Federation and the members shall be exempt from amusement, real property, specific taxes and all other taxes and duties: Provided, however , That the sports equipment and materials imported herein shall be for the exclusive use of the Federation, the associations and their athletic members and not to be disposed of for commercials purposes or for profit." the Philippine Amateur Cycling Association is given full exemption from the payment of the amusement tax on the admission fees to the benefit shows undertaken by it for by another for and in its own behalf. LibLex Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue