BIR Ruling No. 464-11

November 24, 2011 BIR RULING NO. 464-11 NIRC Section 60 (B); BIR Ruling No. ERP-96-2005 Ilocos Norte Electric Cooperative Suyo, Dingras Ilocos Norte Attention: Renato A. Balintec General Manager Gentlemen : This refers to your letter dated November 4, 2011 requesting for revalidation of the exemption from income tax of the interest and investment income of Ilocos Norte Electric Cooperative, Inc. Retirement Benefit Plan. Documents submitted show that BIR Ruling No. ERP-96-2005 dated April 21, 2005 was issued in favor of Ilocos Norte Electric Cooperative, Inc. Retirement Benefit Plan, wherein it was declared that being a reasonable retirement trust, the income of the trust fund from its investments are exempt from income tax. In reply, 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. SacTCA Very truly yours, (SGD.) KIM S. JACINTO-HENARES Commissioner of Internal Revenue