BIR Ruling [DA-222-97]
BIR Ruling [DA-222-97] • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Jun 16, 1997
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June 16, 1997 BIR RULING [DA-222-97] Provident Fund Management Department Paseguruhan ng mga Naglilingkod sa Pamahalaan (Government Service Insurance System) Financial Center, Pasay City Attention: Mr . Ruben V . Aguilar Manager Gentlemen : In reply to your letter dated May 8, 1997, please be informed that the Government Service Insurance System (GSIS) Provident Fund which was approved by this Office as a tax-exempt employees' trust within the contemplation of Section 53 (b) of the Tax Code, as amended, remains exempt from income tax on income from its investments, provided than in its investment activities, no part of the corpus or income of the fund shall be used for or directed to purposes other than for the exclusive benefit of the member-employees or their beneficiaries. The GSIS Provident Fund, is not therefore subject to the 20% final tax on interest and/or yield on deposit substitute instruments and on interest on its Philippine currency bank deposits. (CIR vs. GCL Retirement Plan, GR No. 95022 dated March 24, 1992) aisadc Very truly yours, SIXTO S. ESQUIVIAS IV OIC, Assistant Commissioner (Legal Service) By: ESTHER R. IBAEZ OIC-Head Revenue Executive Assistant (Legal Service)
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