Mariwasa Employees Savings and Loan Association, Inc.
BIR Ruling [DA-(TSF-002) 029-08 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Jul 11, 2008
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July 11, 2008 BIR RULING [DA-(TSF-002) 029-08 Sec. 27 (D) (1); BIR Ruling No. 138-97; DA-189-02 Mariwasa Employees Savings and Loan Association, Inc. Rey Compound, C. Raymundo Ave. Rosario, Pasig City Attention: Mr. Edison Co Seteng President Gentlemen : This refers to your letter dated June 10, 2008 requesting for a revalidation of the tax exemption certificate issued to Mariwasa Employees Savings and Loan Association, Inc. under BIR Ruling No. DA-328-98 dated July 17, 1998. In reply, please be informed that the aforecited ruling exempting Mariwasa 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 R.A. No. 8367, remains valid and subsisting. Consequently, interest income derived by Mariwasa Employees Savings and Loan Association, Inc. from its deposits and deposit substitutes are exempt from the 20% final tax prescribed in Section 27 (D) (1) of the Tax Code of 1997. CDaTAI Very truly yours, Commissioner of Internal Revenue By: (SGD.) JAMES H. ROLDAN Assistant Commissioner Legal Service
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