BIR Ruling
BIR Ruling • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Sep 29, 1977
Full text
September 29, 1977 The Honorable Provincial Governor Office of the Provincial Governor Province of La Union San Fernando, La Union S i r : In reply to your letter dated July 27, 1977, I have the honor to inform you that the interest earnings of the bank deposits of the Province of La Union, which is a tax-exempt political subdivision of the government, are exempt from the 15% withholding tax prescribed by Presidential Decree No. 1156. This serves as authority of the depository banks to forego withholding of the 15% tax on the interest income of the funds deposited with then by your province. Very truly yours, For the Commissioner: BERNARDO D. CARPIO Assistant Commissioner of Internal Revenue TAN-C6110-A1014-A-7
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