BIR Ruling No. 173-83
BIR Ruling No. 173-83 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Oct 7, 1983
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October 7, 1983 BIR RULING NO. 173-83 Gentlemen : This refers to your letter dated June 24, 1983 requesting exemption of the Manila International Airport from the withholding tax on interests income of its bank deposits. In reply, I have the honor to inform you that since under Section 18 of Executive Order No. 778 which was promulgated on March 4, 1982, the Manila International Airport Authority is exempt from the payment of corporate income taxes and realty taxes imposed by the National Government or any of its political subdivisions, agencies and instrumentalities, the interest income of its bank deposits is exempt from the 15% withholding tax in the case of savings deposit and 20% withholding tax in the case of time deposits and yield from deposit substitutes prescribed by Section 24(cc) of the Tax Code as amended by Presidential Decree No. 1739. This serves as authority of the depository banks to forego withholding of the final tax on the interest income of bank deposits maintained by the Manila International Airport Authority with them. Very truly yours, (SGD.) RUBEN B. ANCHETA Acting Commissioner Bureau of Internal Revenue
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