BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Sep 7, 1977
Full text
September 7, 1977 Interest Earned on Savings and Time Deposits of Entity Exempt from Income Tax Likewise Exempt from Withholding Tax In reply to your letter dated September 6, 1977, please be informed that since you are an entity exempt from income tax pursuant to Presidential Decree No. 1151, the interest which 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. cdasia
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