Government Securities
FIRB Resolution No. 050-85 • Fiscal Incentives Review Board • Resolutions • Jul 17, 1985
Full text
July 17, 1985 FIRB RESOLUTION NO. 050-85 SUBJECT : Government Securities BE IT RESOLVED, AS IT IS HEREBY RESOLVED, That: 1. All bonds, debentures and securities issued by and which constitute direct obligations by the national government or may of its political subdivisions, i.e. province, city, or municipality, shall remain exempt from income tax to the extent authorized under Section 29(c)(4) and from the documentary stamp tax under Section 248(1) both of the National Internal Revenue Code, as amended, and as clarified by Ministry Order Nos. 39-84 and 44-84, respectively. cdt 2. Securities issued by government corporations although fully guaranteed by the national government which do not constitute direct obligations of the latter and issued after June 11, 1984 are taxable. (SGD.) ALFREDO PIO DE RODA, JR. Acting Minister of Finance Acting Chairman FIRB
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