15% Withholding Tax — Interest Earnings
BIR Ruling No. 179-81 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Sep 16, 1981
Full text
September 16, 1981 BIR RULING NO. 179-81 24-cc 000-00 179-81 Hon. Macario A. Asistio, Jr. Caloocan City S i r : This refers to your letter dated May 12, 1981 requesting that the interest earnings of the bank deposits in the name of Handog-Hakbang ng Kabataang Kaloocan Scholarship Trust Fund be exempted from the withholding tax. It appears that said Fund was raised for the education of the needy but deserving students of your city. In reply, I regret to inform you that your request cannot be granted for lack of legal basis. Said interest earnings are subject to the 15% 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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