Exemption from the Payment of Any and All Forms of Taxes, Tariffs and Duties--HDMF

March 26, 1981 BIR RULING NO. 058-81 24-cc 000-00 058-81 National Home Mortgage Finance Corporation 10th Floor, Citibank Center Paseo de Roxas, Makati Attention: Mr . Florencio B . Orendain Gentlemen : In reply to your letter dated July 18, 1980, please be informed that since under Section 8 of P.D. No. 1530, the Home Development Mutual Fund (HDMF), as well as the interest and dividends received by the members thereof, is exempt from the payment of any and all forms of taxes, tariffs and duties, fees and imposts and assessments and other charges, the said Fund is exempt from income tax. Accordingly, the interest earnings of its savings accounts which are comprised of the contributions collected from its members through duly authorized banks and deposited thereat in the name of the National Home Mortgage Finance Corporation as administrator of HDMF, are exempt from the withholding tax prescribed by Section 24(cc) of the Tax Code as amended by P.D. Number 1739. cdtech Very truly yours, RUBEN B. ANCHETA Acting Commissioner