Income of a Scientific Organization's Funds Held in Trust by the Philippine National Bank Shall be Exempt from Withholding Tax
BIR Ruling No. 264-81 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Dec 8, 1981
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December 8, 1981 BIR RULING NO. 264-81 53-f 000-00 264-81 Population Center Foundation P.O. Box No. 2065 MCC Makati, Metro Manila Attention: Dr . Conrado Dl . Lorenzo, Jr . President & Executive Director Gentlemen : This refers to your letter dated September 2, 1981, requesting exemption of the earnings of your trust funds from the withholding tax prescribed in Section 1 of Revenue Regulations No. 13-78 as amended by Revenue Regulations No. 16-81, implementing Presidential Decree No. 1351. In reply, please be informed that since your Foundation has been previously determined by the NSDB as a scientific foundation under Certification No. 77-FR-19, dated October 4, 1977, and has been granted tax exemption for a period of five years starting June 30, 1977 in accordance with Section 24 of Republic Act No. 2067 as amended by Republic Act No. 3589, the income of your funds held in trust by the Philippine National Bank shall be exempt from the withholding tax of 20% prescribed in the aforementioned Regulations. Very truly yours, RUBEN B. ANCHETA Acting Commissioner
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