Tax Exemption Granted to UP-ICTUS Foundation, Inc.

May 14, 1990 BIR RULING NO. 079-90 29 (h) 189-89 079-90 Gentlemen : This refers to your undated letter stating that the University of the Philippines In-Christ Thrust For University Students (UP-ICTUS) Foundation, Inc., is a non-profit and non-stock corporation duly registered with the Securities and Exchange Commission as evidenced by SEC registration No. 148522; that UP-ICTUS Foundation has been in existence since December 1981; that year after year, it undertakes charity activities foremost of which is sustaining its scholars who are chosen from among deserving children from poor families; that as part of its fund raising effort, it will sponsor a movie benefit show scheduled on March 13, 1990; that the proceeds of the sow will be for the benefit of the foundation's scholars. cd Based on the foregoing, you request a ruling that the proceeds to be generated by UP-ICTUS out of the aforesaid movie benefit show shall be exempt from income tax. In reply, please by informed that the proceeds to be derived by UP-ICTUS in connection with the holding of a movie benefit show which shall be applied for the benefit of its scholars, are not subject to income tax. Such income, however, should be declared in the annual information returns to be filed by tax exempt organizations on or before April 15 of each year. cdta Very truly yours, (SGD.) JOSE U. ONG Commissioner