Eastern Telecommunications Philippines, Inc.
FIRB Resolution No. 038-85 • Fiscal Incentives Review Board • Resolutions • May 17, 1985
Full text
May 17, 1985 FIRB RESOLUTION NO. 038-85 SUBJECT : Eastern Telecommunications Philippines, Inc . BE IT RESOLVED, AS IT IS HEREBY RESOLVED, That: 1. The tax exemption privilege of Eastern Telecommunications Philippines, Inc. under RA 808, as amended, is not affected by the provisions of PD 1955 by virtue of Section 2 thereof. 2. However, its interest income from bank deposits and yield or any other monetary benefit from deposit substitutes, trust funds and similar arrangements shall be subject to the 15% final withholding tax. 3. Finally, all preferential treatment whether in the payment of import taxes or duties on telecommunication equipment under PD 1500 remain withdrawn. Thus, importations are subject to the usual rates of customs duties. (SGD.) CESAR E. A. VIRATA Minister of Finance Chairman, FIRB
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