Exemption from Income Tax
BIR Ruling No. 126-79 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Dec 13, 1979
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December 13, 1979 BIR RULING NO. 126-79 Exemption from income tax Please be informed that since that Development Bank has been certified by this Office in a ruling dated August 4, 1977 as an entity exempt from income tax pursuant to Section 10 of Republic Act No. 4093, as amended, you are therefore exempt from the coverage of the expanded withholding tax system. Accordingly, your prize consisting of a 6 cu. ft. refrigerator from the Community Chest Fund Drive in its Piso Mula sa Puso grand raffle draw held on November 17, 1979 is exempt from the payment of 10% withholding tax on awards and prizes prescribed under Section 1(f) of Revenue Regulations No. 13-78 as amended by Revenue Regulations No. 6-79. aisa dc
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