BIR Ruling [DA-526-99]
BIR Ruling [DA-526-99] • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Sep 13, 1999
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September 13, 1999 BIR RULING [DA-526-99] Bank of the Philippine Islands BPI Building Ayala Avenue corner Paseo de Roxas Makati City Attention: Mr . Rafael J . Pertierra Vice President Gentlemen : This refers to your letter dated March 29, 1999 requesting confirmation of the tax exempt status of the Bangko Sentral ng Pilipinas Provident Fund (formerly Central Bank Provident Fund) established under then P.D. 220 in relation to Section 56(b) of the Tax Code, as amended. In reply, please be informed that the Bangko Sentral ng Pilipinas Provident Fund (formerly Central Bank Provident Fund) as 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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