BIR Ruling [DA-410-04]

July 29, 2004 BIR RULING [DA-410-04] Section 30 (E); DA-245-92; DA-39-93 Taal Charm Foundation, Inc. 25 San Gregorio, Magallanes Village Makati Attention: Atty. Gumersindo Ilagan Member Board of Trustees Gentlemen : This refers to your letter dated June 30, 2004 requesting exemption from business taxes and other related taxes. It is represented that the Taal Charm Foundation, Inc. (Foundation) is a duly registered corporation the main purpose of which is the restoration and maintenance of the Taal Church (known as the Basilica San Martin Situated in Taal, Batangas; that the Basilica is several hundred years old and one of the biggest in the Orient; that in order to generate funds to finance the project, the Foundation decided to sponsor a musical concert to be held at the provincial capital, Batangas City on August 7, 2004; and that the principal performer will be Mr. Ogie Alcasid, whose roots hail from Taal. In reply, please be informed that the proceeds to be derived by the Foundation in connection with the musical concert on August 7, 2004 are not subject to income and business taxes. Such income, however, should be declared in the annual information return to be filed by the said foundation on or before April 15, 2005. ( BIR Ruling No. 245-92 dated September 2, 1992 and BIR Ruling No. 39-93 dated January 19, 1993 ) 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. DAEcIS Very truly yours, Commissioner of Internal Revenue By: (SGD.) MILAGROS V. REGALADO Assistant Commissioner Legal Service