Deductibility of the Interest or Deposits Paid by a Resident Foreign Corporation Doing Business in the Philippines

August 11, 1958 BIR RULING NO. 486-58 Messrs. Ross, Selph, Carrascoso & Janda Attorneys-at-Law Manila Gentlemen : In reply to your letter dated June 4, 1958, requesting ruling as to whether or not the interest or deposits paid by your client, the First National City Bank of New York, a resident foreign corporation doing business in the Philippines to depositors is deductible from its gross income, I have the honor to inform you that the said interest is deductible pursuant to Section 30(b)(1) of the National Internal Revenue Code and Section 78 of the Income Tax Regulations. Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue