BIR Ruling No. 457-11

November 22, 2011 BIR RULING NO. 457-11 NIRC Section 60 (B); ERP-215-07 August 23, 2007 Metropolitan Bank and Trust Company Metrobank Plaza, Sen. Gil J. Puyat Avenue 1200 Makati City, Philippines Attention: Jesusito V. Gavino Manager Josephine G. Cervero Vice President Gentlemen : This refers to your letter dated July 18, 2011 requesting for revalidation of the exemption from the 20% and 7.5% final taxes on interest income from local bank deposits and foreign currency deposits of Diversified Technology Systems, Inc. Retirement Plan. Documents submitted show that BIR Ruling 215-07 dated August 23, 2007 was issued in favor of Diversified Technology Systems, Inc. Retirement Plan, wherein it was declared that being a reasonable retirement trust, it is exempt from 20% and 7.5% final taxes on interest income from local bank deposits and foreign currency deposits. In reply thereto, please be informed that the exemption of the above-mentioned trust from payment of the 20% final tax and 7.5% tax on interest income under the expanded foreign currency deposit system imposed under Section 27 (D) (1) of the National Internal Revenue Code of 1997, as amended, remains VALID and SUBSISTING. This ruling is being issued on the basis of the foregoing facts as represented. However, if upon investigation, it will be disclosed that the facts are different, then this ruling shall be considered null and void. aESHDA Very truly yours, (SGD.) KIM S. JACINTO-HENARES Commissioner of Internal Revenue