BIR Ruling

May 28, 1969 The Acting President The Philippine National Cooperative Bank Doa Amparo Building, Espaa St. Manila S i r : In reply to your letter dated February 12, 1969, I have the honor to inform you that the exemption provided for under Section 66, Paragraph 2, of Republic Act No. 2023 which was the basis of BIR Ruling No. 630, Series of 1959, exempting the Philippine National Cooperative Bank from the payment of documentary stamp tax on checks issued by the bank to its customers equally applies to checks which the Bank issues or provides its depositors for their own use. Said exemption also includes papers, documents or instruments executed in connection with transactions in which the Philippine National Cooperative Bank is the party directly liable for such tax. In other words, while the said Bank is exempt from the payment of indirect taxes or taxes shifted to it by those directly liable thereto. cdtech Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue