Rural Banks With Net Assets of Less Than P700,000.00
BIR Ruling No. 044-59 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jan 30, 1959
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January 30, 1959 BIR RULING NO. 044-59 Mr. Romulo F. Trajano Certified Public Accountant 831 Regina Bldg., Escolta Manila S i r : In reply to your letter dated January 30, 1959, I have the honor to inform you that rural banks with net assets of less than P700,000.00, being exempt from all taxes pursuant to Section 14 of Republic Act No. 720, as amended by Republic Act No. 1097, the Rural Bank Act, need not file an income tax return. Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue
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