BIR Ruling No. 005-80

August 21, 1980 BIR RULING NO. 005-80 29-b-8-3 3 000-00 05-80 The Insurance Commissioner P. O. Box 3589, Manila M a d a m : This refers to your letter dated June 9, 1980, which is in reply to our letter dated May 9, 1980, requesting for further reconsideration of the ruling of this Office denying your request that the Asian Reinsurance Corporation (hereinafter referred to as Corporation) be granted tax exemption on income derived from its assets in the Philippines. In reply, I have the honor to inform you that your request is hereby granted since, after a restudy of this case, this Office has finally decided that the Corporation is an international or regional financing institution established by government. Consequently, its income from investment in the Philippines as well as the interest income from its bank deposits are exempt from income tax, pursuant to Section 29(b)(8)(3) of the Tax Code of 1977, as amended. Such being the case, said interest income on bank deposits are exempt from the 15% withholding tax imposed by Section 53(a) of the same Code. prcd Very truly yours, TOMAS C. TOLEDO Acting Commissioner