BIR Ruling [DA-189-02]

October 23, 2002 BIR RULING [DA-189-02] 27 (D) (1) Meralco Employees Savings and Loan Association, Inc. Operations Building, Meralco Center Ortigas Avenue, Pasig City Attention: Mr. Eustacio L. Sapang, Jr. General Manager Gentlemen : This refers to your letter dated August 22, 2002 requesting for a revalidation of the tax exemption certificate issued to Meralco Employees Savings and Loan Association, Inc. under BIR Rulings Nos. DA-308-98 dated July 6, 1998 and revalidated DA-264-2000 dated June 20, 2000. In reply, please be informed that the aforecited rulings exempting Meralco Employees Savings and Loan Association, Inc. from payment of tax in respect to income it receives, including interest on its deposits with any bank as provided for under Section 5 of R.A. No. 8367, remain valid and subsisting. Consequently, interest income derived by Meralco Employees Savings and Loan Association, Inc. from its deposits and deposit substitutes are exempt from the 20% final tax prescribed in Section 27(D)(1) of the Tax Code of 1997. ( BIR Ruling No. 138-97 dated December 29, 1997 ) Very truly yours, Commissioner of Internal Revenue (SGD.) MILAGROS V. REGALADO Assistant Commissioner Legal Service