BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Oct 13, 1977
Full text
October 13, 1977 Cooperatives Registered with DLGCD In reply to your letter dated October 12, 1977 to the Department of Local Government and Community Development relative to your request for exemption from the payment of the 15% tax on interest earnings on your savings deposit with the PNB Branch, Agoo, La Union, please be informed that since that Cooperative is registered with the DLGCD in accordance with the provisions of P.D. No. 175, it is exempt from the payment of income tax. Accordingly, your aforesaid interest earnings is exempt from the 15% withholding tax prescribed by P.D. No. 1156. This serves as authority of the depository bank to forego withholding of the 15% tax on interest earnings of the funds deposited with the PNB by that Cooperative. cdasia
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