BIR Ruling No. 177-82

May 19, 1982 BIR RULING NO. 177-82 053-f 000-00 177-82 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 Asian Reinsurance Corporation (LBP In Trust For Accounts) are exempt from the final withholding tax. In reply, please be informed that since the Asian Reinsurance Corporation has been found by this Office in BIR Ruling No. 29-b-8-3-000-00-5-80 dated September 2, 1980 as an international or regional financing institution established by government whose income from investments as well as interest income from its bank deposits in the Philippines are exempt from income tax under Section 29(b) (8) (3) of the Tax Code, as amended, 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. aisadc Very truly yours, RUBEN B. ANCHETA Acting Commissioner