Foundations
FIRB Resolution No. 016-85 • Fiscal Incentives Review Board • Resolutions • Feb 27, 1985
Full text
February 27, 1985 FIRB RESOLUTION NO. 016-85 SUBJECT : Foundations BE IT RESOLVED, AS IT IS HEREBY RESOLVED, That effective October 15, 1984, the interest incomes of NSTA-accredited foundations from their bank deposits and yield or any other monetary benefit from deposit substitutes, trust funds and other similar arrangements are subject to a final withholding tax at the rate of fifteen percent (15%). Said tax shall however, be refunded to the concerned foundation upon presentation of proof of withholding and other relevant information as may be required by the Bureau of Internal Revenue. (SGD.) CESAR E. A. VIRATA Minister of Finance Chairman, FIRB
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