Loss of Tax Privileges of Private Development Bank
BIR Ruling No. 049-84 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Feb 29, 1984
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February 29, 1984 BIR RULING NO. 049-84 24-a-165-83-049-84 Gentlemen : In reply to your letter dated April 12, 1982, I have the honor to inform you that since the Development Bank has been certified to by the Development Bank of the Philippines as a Class A private development bank with net assets of P1,681,825.00 as of December 31, 1981, excluding the government counterpart capital, it is exempt from all taxes, charges and fees of whatever nature and description, except from compensating tax and tariff duties, pursuant to Section 10 of Republic Act No. 4093, as amended. Said exemption can be enjoyed only as long as its assets do not exceed the maximum limit set by law for which the exemption is allowed; i.e., thirty million pesos for Class "A" banks. However, under Batas Pambansa Blg. 63 amending Section 10 of Republic Act No. 4093, that bank shall lose its exemption effective January 1, 1985. Very truly yours, (SGD.) RUBEN B. ANCHETA Acting Commissioner
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