BIR Ruling

September 11, 1968 Community Chest of Greater Manila P.O. Box 1325, Manila Attention: Mr . Jose S . de Leon Vice-General Campaign Chairman Gentlemen : In reply to your letter dated September 4, 1968, I have the honor to inform you that it appearing that the Community Chest is a registered civic and charitable organization, it may be entitled to 50% tax exemption under Section 261 of the Tax Code on the admission fees to the boxing bout tentatively scheduled on October 2, 1968 at the Rizal Memorial Stadium, the proceeds of which will help in a great measure in the accomplishment of the objectives of the organization. However, in order to be entitled to exemption the following conditions and requirements must be met: 1. The boxing bout is actually undertaken by the beneficiary organization, or by another for and in its behalf and exclusively for its benefit; 2. The beneficiary shall file with the Regional Director, Revenue Region No. 8, South Manila, a report in triplicate within twenty (20) days from the date the boxing bout is held, stating (a) The number of tickets sold, classified according to the prices thereof, the form used in connection with the payment of the amusement tax shall be used for the purpose; and (b) The gross receipts or income derived from the boxing bout, the expenses incurred in connection therewith, and the resulting net income. The said report should contain a certification by the President or responsible official of the Community Chest that the income from the boxing bout sought to be exempted will inure exclusively to its benefit. 3. The Community Chest must necessarily qualify as a boxing promoter or get a permit from the Games and Amusement Board. xelbil Very truly yours, (SGD.) MISAEL P. VERA Commissioner of Internal Revenue