RMAF is Exempt from the Payment of Documentary Stamp Tax on the Commercial Checkbooks Printed by the BPI

September 23, 1987 BIR RULING NO. 301-87 192 000-00 301-87 Gentlemen : In reply to your letter dated July 2, 1987 requesting confirmation of the opinion of the Bank of the Philippine Islands (BPI) that its client, Ramon Magsaysay Award Foundation (RMAF) is exempt from the payment of documentary stamp tax on the twenty (20) commercial checkbooks which the latter requisitioned, I have the honor to inform you that the said opinion is hereby confirmed. This is in accordance with the Memorandum dated December 12, 1986 of the Honorable, the Minister (now Secretary) of Finance, a copy of which you furnished this Office, which states that the establishment of the RMAF, a non-profit, non-stock philanthropic foundation, is covered by an exchange of letters between former President Carlos P. Garcia and the Rockefeller Brothers Fund which letters partake the nature of an international agreement. Inasmuch as the tax and duty incentives of those covered by an international agreement to which the Government of the Philippines is a signatory have not been withdrawn by Executive Order No. 93, RMAF is exempt from the payment of documentary stamp tax on the 20 commercial checkbooks printed by you. cdta This serves as authority on your part to note on the subject checks said exemption. Very truly yours, (SGD.) EUFRACIO D. SANTOS Deputy Commissioner