FIRB Resolution No. 008-87

April 13, 1987 FIRB RESOLUTION NO. 008-87 BE IT RESOLVED, AS IT IS HEREBY RESOLVED, That the tax and duty exemption privileges of foundations registered with the National Science and Technology Authority under the terms and conditions of Republic Act No. 2067, as amended, remain withdrawn: Provided , however , That said foundations, effective March 10, 1987, shall be entitled to a refund of the final withholding tax paid by them on the interest income earned from their bank deposits and yield or any other monetary benefit from deposit substitutes, trust funds and other similar arrangements, subject to the following conditions: 1. Presentation of proof of withholding and other relevant information as may be required by the Bureau of Internal Revenue; cdt 2. Endorsement from and certification of the NSTA to the FIRB on an individual foundation basis as to the following: (a) sources of funds; (b) details of the disposition of such funds; (c) details of activities or research projects being undertaken and their corresponding dissemination to prospective beneficiaries; (d) qualification criteria for beneficiaries; (e) performance evaluation of activities and research projects, including contributions to the society as a whole; and 3. Approval by the FIRB on an individual foundation basis. (SGD.) JAIME V. ONGPIN Secretary of Finance Chairman, FIRB