BIR Ruling [DA-691-99]

December 14, 1999 BIR RULING [DA-691-99] Community Organizers for Development (CORD), Inc . (Formerly Rotary Foundation of Rizal West, Inc.) No. 10 Highland Drive, Blueridge A, Quezon City Attention: Mr . Alfredo P . Montecillo President Gentlemen : This refers to your letter dated October 15, 1999 requesting for tax exemption of the proceeds to be derived from the holding of a Movie Premier. It is represented that the Community Organizers for Development (CORD), Inc. (Formerly Rotary Foundation of Rizal West, Inc.) is a non-stock, non-profit corporation duly registered with the Securities and Exchange Commission under SEC Registration No. 127597; that the primary purpose for which the corporation was formed is to support the various humanitarian projects of the Rotary Club of Rizal West; that it is engaged in community services such as Civic Actions, Reach-out Programs and the like; that the organization is involved in fund raising for the benefits of the children who are in need; and that it is intending to hold a "Movie Premier" a fund raising whose beneficiaries is the "Feed the Children, Build the Nation Project" of the Rotary Club West. In reply, please be informed that the proceeds you will derive in connection the holding of a Movie Premier are not subject to income tax and business taxes. Such income, however, should be declared in the annual information return to be filed by you on or before April 15, 2000 (BIR Ruling DA-26-98 dated January 29, 1998) Very truly yours, (SGD.) SIXTO S. ESQUIVIAS IV Deputy Commissioner (Legal and Enforcement Group)