BIR Ruling [DA-264-00]
BIR Ruling [DA-264-00] • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Jun 20, 2000
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June 20, 2000 BIR RULING [DA-264-00] 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 June 13, 2000 requesting for a revalidation of the tax exemption certificate issued to Meralco Savings and Loan Association, Inc. under BIR Ruling No.-DA-308-98 dated July 6, 1998. In reply, please be informed that the exemption of 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 remains 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 up to the year 2000. prcd Very truly yours, (SGD.) MILAGROS V. REGALADO Acting Assistant Commissioner (Legal Service)
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