BIR Ruling [DA-074-01]

April 27, 2001 BIR RULING [DA-074-01] LRM Education Scholarship Foundation, Inc . #12 Gen. Santos, Calumpang, Marikina City Attention: Dr . Dominador E . Marcelino President Gentlemen : This refers to your letter dated March 2, 2001 requesting for exemption from payment of income tax of the proceeds that you will derive from your project entitled " BINGOHAN SA EDUKASYON " which will be held on May 27, 2001. It is represented that LRM Education Scholarship Foundation, Inc. is a non-stock, non-profit charitable corporation duly registered with the Securities and Exchange Commission under SEC Registration No. A199902070 dated February 19, 1999; that the primary purpose for which the corporation was formed is to help the most deserving poor get their teacher education in College, more particularly less fortunate high school graduates; that no part of the income which the corporation may obtain as an incident to its operation shall be distributed as dividends to its members, trustees or officers; and that in order to sustain the ongoing scholarship program of the foundation it is sponsoring the "Bingohan sa Edukasyon" on May 27, 2001. In reply, please be informed that the proceeds that you will derive in connection with the holding of the said project are not subject to income tax and business taxes. Such income, however, should be declared in the annual information return to be filed by you on or before April 15, 2002. (BIR Ruling DA-121-2000 dated February 23, 2000) Very truly yours, (SGD.) MILAGROS V. REGALADO Acting Assistant Commissioner Legal Service