Withdrawal of Tax Exemptions and/or Preferential Tax Treatment in Favor of GOCCs and Their Subsidiaries
BIR Ruling No. 002-86 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jan 8, 1986
Full text
January 8, 1986 BIR RULING NO. 002-86 24-d 000-00 002-86 S i r : In reply to your letter dated November 15, 1985, please be informed that under P.D. No. 1931, the tax exemptions and/or preferential tax treatment in favor of government-owned or controlled corporations, including their subsidiaries, and all other units of government, are withdrawn. (RMC No. 1-85). Such being the case, the Bureau of Treasury is subject to the final withholding tax of 15% (now 17-1/2% beginning January 1, 1986 under P.D. No. 1994) on interest paid or accrued on their savings deposit with the Philippine National Bank. Very truly yours, (SGD.) RUBEN B. ANCHETA Acting Commissioner
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