BIR Ruling [DA-531-99]
BIR Ruling [DA-531-99] • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Sep 13, 1999
Full text
September 13, 1999 BIR RULING [DA-531-99] Mr. Christian Lindholm Second Secretary Embassy of Finland M a n i l a Gentlemen : This refers to your letter dated April 20, 1999 requesting exemption from withholding tax of your interest from bank deposit at the Development Bank of the Philippines (DBP), with Account No. 547-013511. In reply, please be informed that interests on bank deposits of foreign embassies, such as the Embassy of Finland, are exempt from income tax pursuant to Section 32(B)(7)(a) of the Tax Code of 1997, and consequently from the withholding tax. However, the interest income of the personal deposits of the personnel of that Embassy, like you, is subject to tax. (BIR Ruling No. 130-95 dated August 28, 1995) Very truly yours, Commissioner of Internal Revenue By: (SGD.) SIXTO S. ESQUIVIAS IV Deputy Commissioner (Legal & Enforcement Group)
Ask what this means for your situation
The assistant quotes the passage it relies on and links the source, so you can check every figure it gives you.