BIR Ruling No. 045-61

March 3, 1961 BIR RULING NO. 045-61 The President Iloilo-Capiz Sugar Planters Cooperative Marketing Association, Inc. Iloilo City S i r : Reference is made to your letter dated February 25, 1961 requesting the exemption from tax of the Iloilo-Capiz Sugar Cooperative Marketing Association, Inc. under the provisions of Sec. 48 of Act No. 3425, as amended. llcd It appears from the Articles of Incorporation of the Association and its By-Laws that the Association was duly organized in accordance with the provisions of Act No. 3425. As a matter of fact, it appears from the correspondence exchanged between yourselves and the ACCFA which you showed to this Office that the ACCFA took active participation in your organization and the registration of your Articles of Incorporation with the Securities and Exchange Commission. In reply, I have the honor to inform you that as an association organized under the provisions of Act No. 3425, you are exempt from the income tax, sales tax, and all other percentage taxes of whatever nature and description, pursuant to Section 48 of said Act, as amended by R.A. No. 702. It is of course understood that in order to enjoy the exemption, you must operate in the manner prescribed by the law and confine your activities to those authorized thereby, because should you undertake activities not authorized by the law, you become subject to tax as an ordinary corporation. LibLex Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue