BIR Ruling No. 033-61
BIR Ruling No. 033-61 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jan 18, 1961
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January 18, 1961 BIR RULING NO. 033-61 In reply to your letter . . . , I have the honor to inform you that, if the Finance Employees Cooperative Association, Inc. was duly organized and registered in accordance with Act No. 2023 and its net assets do not exceed P500,000.00, it is exempt from all taxes and government fees of whatever name and nature, pursuant to Section 66 of said Act. Republic Act No. 2023 took effect on June 22, 1957, the date of its approval. Accordingly, your exemption took effect only from that date. Up to June 21, 1957, you were liable to the corresponding taxes due from your operations. cdtech
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