Dividends Received by a Duly-Registered Labor Organization from the PLDT Company are Exempt from the 10% Withholding Tax
BIR Ruling No. 120-80 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Aug 26, 1980
Full text
August 26, 1980 BIR RULING NO. 120-80 Associated Labor Unions PHILCONTU 2357 Leon Guinto Street Malate, Manila Attention: Mr . C . Y . Tolo National Treasurer Gentlemen : I have the honor to inform you that since you are duly registered labor organization with Registration Certificate No. 785-IP issued on July 2, 1954, your income and property, including gifts or donations that you may receive from fraternal and similar organizations, local or foreign, are free from taxes, duties and assessments, pursuant to Article 243 of the Labor Code of the Philippines (Presidential Decree No. 442, as amended). Accordingly, the dividends that you receive from the Philippine Long Distance Telephone Company are exempt from the 10% withholding tax prescribed by Section 53 (c) of the Tax Code of 1977, as amended. Very truly yours, RUBEN B. ANCHETA Acting Commissioner
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