Philippine National Railways
FIRB Resolution No. 022-85 • Fiscal Incentives Review Board • Resolutions • Feb 27, 1985
Full text
February 27, 1985 FIRB RESOLUTION NO. 022-85 SUBJECT : Philippine National Railways BE IT RESOLVED, AS IT IS HEREBY RESOLVED, That effective June 11, 1984, real properties owned and used exclusively by the Philippine National Railways shall retain their tax-exempt status. This exemption shall not however, apply to any real property of the PNR, the beneficial use of which has been granted, for consideration or otherwise to a taxable person. The tax and duty exemption privileges of the PNR under Republic Act No. 6366, as amended, are restored effective June 11, 1984 but shall be limited only to those privileges which bear directly to its railway operation. Any interest income derived by PNR from its bank deposits and yield or any other monetary benefit from deposit substitutes, trust funds and other similar arrangements shall remain taxable pursuant to Presidential Decree No. 1959. (SGD.) CESAR E. A. VIRATA Minister of Finance Chairman, FIRB
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