Taxes Due on Times Provident and Savings Association, Inc.

May 30, 1958 BIR RULING NO. 304-58 The Manila Times Publishing Co. Florentino Torres, Sta. Cruz Manila Attention : Mr . Manuel Q . Alcantara President, MTPSI Gentlemen : In reply to your letter dated April 11, 1958, requesting information as to the taxes which may be due from the Times Provident and Savings Association, Inc., an organization of employees of the Manila Times Publishing Company, I have the honor to inform you that a mutual savings bank is exempt from income tax if it has no capital stock represented by shares; if its earnings, less only the expenses of operation, are distributed wholly among the depositors; and if it does not serve the public in general but only its members. The certificates issued to the members will, however, be subject to the documentary stamp tax prescribed in Section 215 of the National Internal Revenue Code. cdta Very truly yours, (SGD.) JOSE ARAAS Commissioner of Internal Revenue