BIR Ruling [UN-041-94]

February 8, 1994 BIR RULING [UN-041-94] Talented and Gifted Philippines Foundation, Inc. P.O. Box 639 Greenhills 1502 M a n i l a Attention: Ms . Aurora Hagedorn Roldan Founder-President Gentlemen : This refers to your letter dated January 10, 1994 requesting exemption from tax on the proceeds of the premier showing of "The Joy Luck Club" on February 20, 1994 at 2 p.m. at the Greenhills Theatre. cdi It is represented that the Talented And Gifted Philippines Foundation, Inc. is a non-stock, non-profit organization founded in 1973 to identify and develop the exceptional gifts of our young people who promise to be the future leaders in various fields of Philippine society; that its objectives are to conduct research studies on the Filipino gifted child; to equip educators and parents to nurture giftedness among the youth; and to publish materials related to giftedness in the Philippine setting; that the proceeds from the premier showing of "The Joy Luck Club" which the Foundation will sponsor on February 20, 1994 at 2 p.m. at the Greenhills Theatre, will be used in pursuing projects of said Foundation. In reply, please be informed that the proceeds to be derived by the Foundation in connection with the holding of the premiere showing of the film "The Joy Luck Club" are not subject to income and business taxes. Such income, however, should be declared in the annual information return to be filed by the tax-exempt organization which is the Talented And Gifted Philippines Foundation, Inc. [BIR Ruling No. 29(h) 44-91-193-91 dated September 17, 1991]. cd Very truly yours, JAIME M. MAZA Assistant Commissioner (Legal Service)