BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Aug 9, 1977
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August 9, 1977 The City Treasurer Dipolog City S i r : In reply to your telegram dated July 11, 1977, please be informed that local governments are exempt from income tax. Accordingly, all interest earnings accruings to the savings and time deposits maintained by local governments, are exempt from the 15%withholding tax on interests on banks deposit, in accordance with Section 3 of Revenue Regulations No. 6-77 implementing Presidential Decree No. 1156. Very truly yours, CONRADO P. DIAZ Deputy Commissioner of Internal Revenue TAN-D2567-D1025-A-2
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