Tax Liability and Exemption of a Class "A" Private Development Bank
BIR Ruling No. 099-84 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • May 25, 1984
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May 25, 1984 BIR RULING NO. 099-84 24-cc-165-83-099-84 Gentlemen : In reply to your letter dated May 31, 1983, please be informed that since as certified to by the Development Bank of the Philippines, you are a Class "A" private development bank with net assets of P8,312,188.00 as of July 31, 1983, you are exempt from the payment of all taxes, charges and fees except compensating tax and tariff duties, pursuant to Section 10 of Republic Act No. 4093, as amended. As provided in Batas Pambansa Blg. 63 amending said Section 10 of Republic Act No. 4093, you shall lose your exemption from taxes, charges and fees effective January 1, 1985. aisadc Very truly yours, (SGD.) RUBEN B. ANCHETA Acting Commissioner
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