Tax Exemption Granted to U.S.T. Cooperative
BIR Ruling No. 325-60 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jul 21, 1960
Full text
July 21, 1960 BIR RULING NO. 325-60 U.S.T. Cooperative University of Santo Tomas M a n i l a Gentlemen : This is in connection with your request for tax exemption under the provisions of Section 66 of Republic Act No. 2023 which reads in part as follows: "SEC. 66. Co-operatives registered under this Act shall, notwithstanding the provisions of existing law to the contrary, enjoy the following exemptions: "(1) Co-operatives with net assets of not more than five hundred thousand pesos shall be exempt from all taxes and government fees of whatever name and nature except those provided for under this Act: . . ." According to the certification issued by the Director of the Cooperative Administration Office, a photostatic copy of which is attache to your letter, your net assets amounts to P427,986.35. Accordingly, you are exempt from all taxes pursuant to the above-quoted provision of Republic Act No. 2023. aisadc Very truly yours, (SGD.) MELECIO R. DOMINGO Commissioner of Internal Revenue
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