Interest Income of Cooperative from Bank Deposits are Subject to the 20% Final Withholding Tax
BIR Ruling No. 115-91 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jun 19, 1991
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June 19, 1991 BIR RULING NO. 115-91 24 (e) (1) 000-00 115-91 Gentlemen : This refers to your letter dated October 24, 1990 which was referred to this Office by the Cooperative Development Authority (CDA) on January 14, 1991, relative to your request for exemption from the withholding tax of your interest income on bank deposits on the ground that you are a duly registered cooperative. In reply, please be informed that your aforesaid request can not be granted for lack of legal basis. The interest income of cooperative from bank deposits are subject to the 20% final withholding tax under Section 24 (e) (1) of the Tax Code, as amended, notwithstanding the provisions of Articles 61 and 62 of R.A. No. 6938 otherwise known as the Cooperative Code of the Philippines. cdtech Very truly yours, (SGD.) JOSE U. ONG Commissioner
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