Exemption from Income Tax — Prize Monies
BIR Ruling No. 012-81 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jan 19, 1981
Full text
January 19, 1981 BIR RULING NO. 012-81 021-b 000-00 012-81 Republic of the Philippines Golf Association 7-C Venida 1 Condominium 120 Amorsolo Street, Legaspi Village Makati, Metro Manila Attention: Mr . Rodolfo M . Cuenca Project Director for Golf Gentlemen : I have the honor to inform you that the prize monies to be won by the winning participants in the President Marcos Golf Invitational which will be held at Puerto Azul Beach and Country Club on November 26-27, 1980, shall be exempt from income tax, by virtue of the approval on October 23, 1980 by President Ferdinand Marcos of your request therefor, embodied in your letter dated October 18, 1980. cdta Very truly yours, RUBEN B. ANCHETA Acting Commissioner
Ask what this means for your situation
The assistant quotes the passage it relies on and links the source, so you can check every figure it gives you.