BIR Ruling [UN-211-94]
BIR Ruling [UN-211-94] • Bureau of Internal Revenue (BIR) Issuances • Rulings (Unnumbered) • Jul 13, 1994
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July 13, 1994 BIR RULING [UN-211-94] Kalipay-Kasakit Association, Inc. P. Rodriguez St. Lo-Oc, Lapu-lapu City Attention: Mr . Tony P . Tampus President Gentlemen : This refers to your letter dated July 6, 1994 stating that the Kalipay-Kasakit Association, Inc., a non-stock, non-profit civic organization will hold a grand raffle draw on Sunday, December 18, 1994; that the purpose of the project will be to raise funds and the proceeds will be used for the construction of the Association's headquarter/office; that the total prizes will be P26,000.00 in cash and/or home appliances; that you are going to print 300 pieces of raffle booklets at P250.00 each or for a total amount of P75,000.00. cdtech You are now requesting that the proceeds of the above project be exempt from income tax. In reply thereto, please be informed that the proceeds to be derived by your Association in connection with your raffle on December 18, 1994 which will be used for the construction of your headquarter or office, are not subject to income tax. However, said proceeds shall be declared in the annual information return which the Association will file on or before April 15, 1995 (BIR Ruling No. 522-88 dated November 2, 1985). cd Very truly yours, ALICIA P. CLEMENO Actg. Assistant Commissioner (Legal Service)
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