BIR Ruling [DA-461-98]

October 21, 1998 BIR RULING [DA-461-98] St. Benedict College San Beda Alabang Alabang Hills Village Muntinlupa, Metro Manila Attention: Basil C . Apostol, OSB Chairman, SBC Special Project Gentlemen : This refers to your letter dated September 23, 1998 requesting for exemption from income tax of the proceeds that you will derive from your project entitled " Invitational Bingo sa Bene " which will be held on December 5, 1998. It is represented that you are operated by the Benedictine Fathers belonging to the Order of St. Benedict; that you are a non-stock, non-profit educational institution operated exclusively for educational purposes, no part of the income of which inure to the benefit of any private stockholder or individual; that your income from operations are actually, directly and exclusively for educational purposes; and that the proceeds of this event will go to various projects of the institution such as scholarship grants for the poor and deserving students, upgrading of the school facilities, athletic programs, student formation and outreach program. In reply, please be informed that the proceeds that you will derive in connection with the holding of the said project are not subject to income tax and VAT. Such income, however, should be declared in the annual information returns to be filed by you on or before April 15, 1999. (BIR Ruling No. 245-92) Very truly yours, Commissioner of Internal Revenue By: (SGD.) SIXTO S. ESQUIVIAS IV Deputy Commissioner (Legal & Enforcement Group)