BIR Ruling No. 176-82
BIR Ruling No. 176-82 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • May 19, 1982
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May 19, 1982 BIR RULING NO. 176-82 053-f 000-00 176-82 Land Bank of the Philippines 6th Floor, BF Condominium Intramuros, Manila Attention: Ms . Flordelis F . Gregorio Officer-In-Charge Trust & Acquired Assets Department Gentlemen : This refers to your request for a certification to the effect that the interests on the savings and/or time deposit and yield from deposit substitutes of the Funds held by you in trust for the National Grains Authority (LBP In Trust For Accounts) are exempt from the final withholding tax. cdtech In reply, please be informed that since the National Grains Authority has been found by this Office in BIR Ruling No. 023-80 dated February 8, 1980 as exempt from internal revenue taxes among which is income tax, under Presidential Decree No. 1485, the interest income of its Trust Funds are exempt from the 15% final withholding tax in the case of savings deposits and 20% 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. Very truly yours, RUBEN B. ANCHETA Acting Commissioner
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