Tax Exemption Granted to Ker & Co., Ltd. Local Staff Retirement Fund (change "in exempt" to "is exempt")

March 21, 1960 BIR RULING NO. 111-60 Stewart, Cunanan & Co. 107 13th Street, Port Area M a n i l a Gentlemen : This is with reference to your letter dated February 17, 1960, requesting opinion whether or not the Ker & Co., Ltd. Local Staff Retirement Fund, established for the purpose of providing retirement benefits to employees in exempt from income tax under Section 56(b) of the Tax Code and whether or not it is also exempt from filing annual income tax returns. In reply thereto, I have the honor to inform you that upon perusal of the trust instrument, this Office finds that the retirement fund created thereby meets the requirements of Section 56(b) of the Tax Code, as amended by R.A. No. 1983 and, therefore, exempt from tax. Being exempt from tax, the trust is not required to file an income tax return. prcd Very truly yours, MELECIO R. DOMINGO Commissioner of Internal Revenue