Tax Liabilities of Rural Bank of Dasmariñas
BIR Ruling No. 047-84 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Feb 29, 1984
Full text
February 29, 1984 BIR RULING NO. 047-84 192-3-gg-313-82-047-84 Gentlemen : In reply to your letter dated July 9, 1983, please be informed that since the Rural Bank of Dasmarias is partially taxable to the extent of 22.54%, it is liable to 22.54% of the P2,000.00 fixed tax imposed in Section 192-3-gg of the Tax Code of 1977, as amended, or the amount of P450.80. Likewise, the bank is subject to withholding tax on the interest income of its bank deposits to the extent of 22.54% of the 15%, in the case of savings deposit and 22.54% of the 20% in the case of time deposit and yield from deposit substitutes prescribed by Section 24(cc) of the Tax Code, as amended by Presidential Decree No. 1739. Very truly yours, (SGD.) RUBEN B. ANCHETA Acting Commissioner
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