BIR Ruling [DA-468-99]
BIR Ruling [DA-468-99] • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Aug 17, 1999
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August 17, 1999 BIR RULING [DA-468-99] Insular Savings Bank Universal Reinsurance Building 106 Paseo de Roxas Makati City Attention: Ms . Helen T . Abdon AVP & Trust Officer Gentlemen : This refers to your letter dated July 21, 1999 requesting confirmation of the tax exempt status of the Insular Life Savings & Trust Co. Employees' Retirement Plan (formerly Home Bankers Savings & Trust Company Employees' Retirement Plan) established under then Section 28(b)(7)(A) of the Tax Code, as amended, and as implemented by Revenue Regulations No. 1-68, as amended by Revenue Regulations No. 1-83. In reply, please be informed that the Insular Life Savings & Trust Co. Employees' Retirement Plan, an employees' trust and retirement fund, remains entitled to all the benefits and privileges granted under Section 60(B) of the Tax Code of 1997 and is still considered reasonable retirement benefits plan within the contemplation of Section 32(B)(7)(a) of the Tax Code of 1997. Consequently, the funds created to implement the provisions of the plans and the retirement pay to its respective retirees remain exempt pursuant to said law. Very truly yours, Commissioner of Internal Revenue By: (SGD.) SIXTO S. ESQUIVIAS IV Deputy Commissioner (Legal & Enforcement Group)
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