Construction of Camarines Norte Water Supply System Under Supervision of Local Water Utilities Administration Exempt from Tax

January 19, 1982 BIR RULING NO. 014-82 53-f 000-00 014-82 S. T. Tengonciang Construction, Inc. and Poblete Construction Co. Joint Venture 21 Buendia Avenue, Makati, Metro Manila Attention: Mr . Salustiano T . Tengonciang , Jr . President Gentlemen : In reply to your letter dated April 21, 1980, please be informed that that joint venture, which was organized for the sole purpose of undertaking the construction of the Camarines Norte Water Supply System under the supervision of the Local Water Utilities Administration is exempt from income tax, pursuant to Sections 20(b) and 24 of the Tax Code of 1977, as amended. Accordingly, the provisions of Revenue Regulations No. 13-78, as amended by Revenue Regulations No. 6-79, implementing Presidential Decree No. 1351, do not apply to the income payments payable to you. aisadc Very truly yours, RUBEN B. ANCHETA Acting Commissioner