Filing of the Equitable Banking Corporation of B.I.R. Form No. 17-01B Covering Interest Payment Made by it to Its Depositors

March 31, 1958 BIR RULING NO. 218-58 Mr. J. S. Zulueta & Co. Certified Public Accountants P. O. Box 2405, Manila Gentlemen : In reply to your letter dated March 25, 1958, requesting opinion as to whether your client, the Equitable Banking Corporation may be excused from filing a return (B.I.R. Form No. 17-01B) covering interest payment made by it to its depositors, I have the honor to inform you as follows: The prohibition against disclosure of information concerning the deposit of a depositor contemplated in Section 2 and 3 of Republic Act No. 1405, has reference to an examination of a depositor's account or an inquiry into the source and amount of his deposit. Consequently, your client may not be relieved from the duty of filing a return required under Section 77 of the Tax Code, because the filing of such return setting forth the name and address of a depositor and the amount of interest paid to him if the same reaches P1,800.00 or more in any taxable year, will not amount to an examination or inquiry into the deposit of a depositor which is prohibited by Sections 2 & 3 of the aforesaid Act. cdll Very truly yours, (SGD.) JOSE ARAAS Commissioner of Internal Revenue