Overseas Shipping
FIRB Resolution No. 011-85 • Fiscal Incentives Review Board • Resolutions • Feb 7, 1985
Full text
February 7, 1985 FIRB RESOLUTION NO. 011-85 SUBJECT : Overseas Shipping BE IT RESOLVED, AS IT IS HEREBY RESOLVED, That: 1. Effective October 15, 1984, all tax and duty exemption privileges enjoyed by enterprises engaged in overseas shipping under PD 215 are restored. 2. The exemption from income tax on income from overseas shipping business under RA 1407, as amended, is restored up to September 9, 1985 provided , however , that its income from other sources including the interest income from bank deposits and yield or any other monetary benefit from deposit substitutes, trust funds and other similar arrangements are taxable under Sections 21(d), 24(cc) and 53(d)(1) of the National Internal Revenue Code, as amended. (SGD.) ALFREDO PIO DE RODA, JR. Acting Minister of Finance Acting Chairman, FIRB Refer to minutes of FIRB Meeting No. 4-85 (January 31, 1985)
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