Tax Exemption Granted to Philippine-China Cultural Society, Inc.
BIR Ruling No. 262-60 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jun 20, 1960
Full text
June 20, 1960 BIR RULING NO. 262-60 The Anglo Chinese School 695 Sta. Elena Street Binondo, Manila Gentlemen : In reply to your letter dated June 6, 1960, I have the honor to inform you that since, as represented by you, the Philippine-China Cultural Society, Inc. which manages the Anglo Chinese School is a corporation organized and operated for cultural or educational purposes and no part of the net income of said school inures to the benefit of any private stockholder or individual, said school, is exempt from the income tax. However, the income of whatever kind or character from any of the properties of the school, real or personal, regardless of the disposition thereof, shall be liable to the income and residence taxes. casia Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue
Ask what this means for your situation
The assistant quotes the passage it relies on and links the source, so you can check every figure it gives you.