50% Tax Exemption on Basketball Games

November 11, 1958 BIR RULING NO. 666-58 10th World Jamboree Committee Boy Scouts of the Philippines 181 Concepcion St., Manila Attention : Mr . Fernando C . Pimentel Gentlemen : With reference to your letter dated October 29, 1958 requesting the exemption from tax of the basketball games sponsored by you in connection with the fund raising campaign for the 10th World Boy Scouts Jamboree, I have the honor to inform you that you are hereby granted only a 50% exemption, pursuant to Section 261 of the National Internal Revenue Code. In this connection, you are required to submit a statement of receipts and disbursements, duly supported by receipts and vouchers, within ten (10) days after the holding of the games, together with a certified copy of the receipt signed by any responsible official of the Committee acknowledging the receipt of the net proceeds derived therefrom; otherwise, this Office will assess and collect the total amount of the amusement tax that may be due in accordance with the National Internal Revenue Code, as amended. It is understood that the funds that will accrue from the admission fees to said games shall be subject to audit by a representative of the Auditor General in accordance with the accepted auditing procedures. LibLex Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue