BIR Ruling [DA-182-06]

March 27, 2006 BIR RULING [DA-182-06] DA 397-04 Silva Maala Billena & Cunanan 36th Floor Exportbank Plaza Exportbank Drive cor. Chino Roces Avenue Makati City Attention : Atty. Emmanuel A. Silva Gentlemen : This refers to your letter dated November 15, 2005 requesting for a ruling on the tax consequence relative to the change of trustee, from China Banking Corporation to Export and Industry Bank, for International Corporation-Memorial Fund Provident Plans under Trust Account No. 501-0027. It is represented that the China Banking Corporation is the Trustee of International Corporation-Memorial Fund Provident Plans under Trust Account No. 501-0027; that the Provident Plans International Corporation maintains a Trust Account with Export and Industry Bank under Trust Account No. 81-005; and that on April 26, 2005, the Board of Directors of the Provident Plans International Corporation approved the transfer of TCT No. 65795 (formerly TCT No. 46387) held by China Banking Corporation in favor of the trust account maintained with the Export and Industry Bank. In reply thereto, please be informed that the change of trustee of the International Corporation-Memorial Fund Provident Plans from China Banking Corporation to the Export and Industry Bank for the purpose of consolidating the administration of the International Corporation-Memorial Fund Provident Plans is not taxable, and therefore, all properties both real and personal, monies, shares of stock, etc., in the name of the former trustee may be transferred to the newly designated trustee bank. ( BIR Ruling No. 209-91 dated October 18, 1991 ) This ruling is being issued on the basis of the foregoing facts as represented. However, if upon investigation, it will be disclosed that the facts are different, then this ruling shall be considered null and void. ISDHEa Very truly yours, (SGD.) JAMES H. ROLDAN Assistant Commissioner Legal Service