Tax Exemption Granted to a Credit Union

October 13, 1958 BIR RULING NO. 605-58 The Zamboanga A. E. Colleges Employees Credit Union, Inc. Zamboanga City Gentlemen : Your request for exemption from the payment of internal revenue taxes, together with the pertinent papers thereto were forwarded to this Office for decision. In reply thereto, I have the honor to inform you that, pursuant to Section 27 (b) of the Tax Code, your credit union is exempt from the Income tax since it is a non-stock corporation organized and operated for mutual purposes without profit. As your union is a non-profit organization its activities being defined to the members thereof, it is also exempt from the business and residence taxes. Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue