Restoration of Tax Exemptions and/or Preferential Tax Treatment Previously Enjoyed by Rural Banks
BIR Ruling No. 084-86 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jun 23, 1986
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June 23, 1986 BIR RULING NO. 084-86 24 084-86 Gentlemen : In reply to your letter dated April 22, 1986, please be informed that P.D. No. 2026 added paragraph (f) to the enumeration of several tax exemptions and privileges not abolished by PD No. 1955, in effect restoring all tax exemptions and/or preferential tax treatment previously enjoyed by rural banks prior to their abolition on October 15, 1984 (date of effectivity of PD No. 1955). PD No. 2026 is explicit that the tax exemption benefits which were restored by said decree shall apply only to rural banks whose net assets are less than P30,000,000 and the same shall only be enjoyed for a period of five (5) years from the date of its effectivity which is February 3, 1986, subject to further extension as may be recommended by the Minister of Finance. Accordingly, PD No. 2026 is a valid law and the restoration of the aforementioned tax exemptions and/or preferential tax privileges shall be effective only from and after February 3, 1986. (Revenue Memorandum Circular No. 9-86 dated May 8, 1986). aisadc Very truly yours, (SGD.) BIENVENIDO A. TAN, JR. Commissioner
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