BIR Ruling [DA-598-99]
BIR Ruling [DA-598-99] • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Oct 7, 1999
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October 7, 1999 BIR RULING [DA-598-99] Bank of Philippine Islands BPI Building Ayala Avenue corner Paseo de Roxas Makati City Attention: Ms . Christine D . Rodriguez Marketing Manager Gentlemen : This refers to your letter dated September 7, 1999 requesting confirmation of the tax exempt status of the Miriam College Employees' Retirement Plan [formerly Maryknoll College Foundation, Inc. Employees' Retirement Plan] and Norkis Holdings Group Retirement Fund established under R.A. 4917 (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. prcd In reply, please be informed that the Miriam College Employees' Retirement Plan [formerly Maryknoll College Foundation, Inc. Employees' Retirement Plan] and Norkis Holdings Group Retirement Fund are still considered a 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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