Meralco Employees Savings & Loan Association, Inc.
BIR Ruling [DA-580-07] • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Nov 7, 2007
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November 7, 2007 BIR RULING [DA-580-07] Meralco Employees Savings & Loan Association, Inc. Operations Building, Meralco Center Ortigas Avenue, Pasig City Attention: Ms. Bernadette B. Vasquez EVP & General Manager Gentlemen : This refers to your letter dated August 30, 2007 requesting for a revalidation of the tax exemption certificate issued to Meralco Savings and Loan Association, Inc. under BIR Ruling No. DA264-2000 dated June 20, 2000. ATcaHS In reply thereto, please be informed that the exemption of Meralco Employees Savings and Loan Association, Inc. from payment of tax in respect to income it receives, including interest on its deposits with any bank as provided for under Section 5 of Republic Act (R.A.) No. 8367 remains valid and subsisting. Consequently, interest income derived by Meralco Employees Savings and Loan Association, Inc. from its deposits and deposit substitutes are exempt from the 20% final tax. Very truly yours, (SGD.) JAMES H. ROLDAN Assistant Commissioner Legal Service
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