BIR Ruling [UN-035-96]

January 25, 1995 BIR RULING [UN-035-96] International Elevator & Equipment, Inc. Km. 23 West Service Road South Superhighway, Cupang Muntinlupa, Metro Manila Attention: Mr . Rolando C . Mirano President Gentlemen : This refers to your letter dated July 20, 1995, in effect requesting for a ruling that the International Elevator & Equipment, Inc. Employee Retirement Plan is exempt from final withholding tax on interest income from its money market placements and purchases of treasury bills. In reply, please be informed that the International Elevator and Equipment, Inc. Employee Retirement Plan is no longer subject to the 20% final withholding tax on interest and/or yield on deposit substitute instruments and on interest on its Philippine currency bank deposits (CIR vs. GCL Retirement Plan GR No. 95022, March 23, 1993). It is requested that a copy of this letter of exemption be attached to the annual information return which the trustee of the International Elevator and Equipment Inc, Employee Retirement Plan will file on or before April 15 of each year pursuant to Revenue Regulations No. 1-83 amending Revenue Regulations No. 1-68 and implementing Section 28(b)(7)(A) of the Tax Code, as amended. aisadc Very truly yours, ALICIA P. CLEMENO Assistant Commissioner (Legal Service) By: ALICIA L. TOMACRUZ Head Revenue Executive Assistant (Legal Service)