Exemption Granted to ASRC Foundation

June 4, 1990 BIR RULING NO. 111-90 29 (h) 079-90 111-90 Gentlemen : This refers to your letter dated May 4, 1990 stating that the Advocates for Services & Resources of the Community Foundation (ASRCF) Inc. is a non-profit and non-stock corporation duly registered with the Securities and Exchange Commission as evidenced by SEC registration No. 167293; that, as expressly stated in its Articles of Incorporation, the principal purpose of ASRCF is to engage in the research, development, production, implementation and promotion of community development and livelihood projects to uplift the living conditions and promote the general well-being, and provide opportunities for advancement to the poor residents anywhere within the Philippines, particularly in, but not limited to, the 3rd Congressional district of Quezon City; and that as part of the foundation's fund raising activity, it will conduct, in cooperation with creative Innovators, Inc., a concert project entitled "Peacetime . . . Swingtime" at the Philippine Plaza Grand Ballroom on July 4, 1990 at 7:00 in the evening. cdta Based on the foregoing, you request a ruling that the proceeds to be generated by ASRC foundation out of the aforesaid concert project shall be exempt from income tax. In reply, please be informed that the proceeds to be derived by ASRC foundation in connection with the holding of a concert project are not subject to income tax. Such income, however, should be declared in the annual information returns to be filed by tax exempt organizations. Very truly yours, (SGD.) JOSE U. ONG Commissioner