Request for Tax Exemption on Remunerations Received by Nationals of Member States of Asian Re Working with Said Corporation

December 16, 1981 BIR RULING NO. 272-81 021 000-00 272-81 The Honorable Insurance Commissioner P. O. Box No. 3539, M a n i l a M a d a m : This refers to your letter dated July 3, 1980 and April 10, 1981, requesting that remunerations received by nationals of member states of the ASIAN REINSURANCE CORPORATION (Asian Re) working with said corporation be exempt from income tax. In reply thereto, I have the honor to inform you that in BIR Ruling No. 5-80 this Office ruled that since Asian Re is an international or regional financing institution established by governments, its income from investment in the Philippines, as well as the interest income from its bank deposits are exempt from income tax pursuant to Section 29(b) (8) (3) of the Tax Code of 1977, as amended. However, while it is true that the Council of Members of Asian Re (in which the Philippines is duly represented) unanimously passed a resolution requesting the governments of member states to grant tax exemption to nationals of said states working with the corporation, we regret to inform you that this Office is without legal authority to grant the tax exemption requested in this case. Very truly yours, RUBEN B. ANCHETA Acting Commissioner