Taxability of Equitable Banking Corporation

October 3, 1958 BIR RULING NO. 629-58 Messrs. Taada, Teehankee & Carreon Attorneys & Counsellors-at-Law Suite 503 China Bank Bldg. Dasmarias Street, Manila Gentlemen : In reply to your letter of September 15, 1958, requesting ruling as to whether or not your client, the Equitable Banking Corporation, is liable to withhold the tax on the 5% interest per annum paid to the Export-Import Bank of Washington, an agency of the United States government, for the credit-line in the amount of $350,000.00 extended to your client, I have the honor to inform you that your client is liable to withhold the tax on the said interest paid by it pursuant to Section 54 of the National Internal Revenue Code. cdtech Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue