Tax Exemption on the Proceeds Derived by the Santa Isabel College Alumnae Association
BIR Ruling No. 522-88 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Oct 28, 1988
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October 28, 1988 BIR RULING NO. 522-88 29 (h) 440-88 522-88 Gentlemen : In reply to your letter dated October 19, 1988, I have the honor to inform you that the proceeds to be derived by the Santa Isabel College Alumnae Association in connection with the raffle-fund raising draw it is launching on December 11, 1988 at its school grounds, the proceeds of which shall be applied to benefit the rehabilitation program of the Santa Isabel College Chapel, are not subject to income and business taxes. cdt Very truly yours, (SGD.) BIENVENIDO A. TAN, JR. Commissioner
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