BIR Ruling No. 512-2017

BUREAUOF NTERNAL REVENUE REPUBLIC OF THF PHHLIPPINES DEPARTMEN: OF FINANCE

1 Quezon City

Certificate of Tax Exemption No.

CERTIFICATE OF TAX EXEMPTON

issued to

Unit 1409. Cityland 10 Tower 1. H.V. dela Costa St." Salcedo Village. Makati City. CHAMBER OF THRIFT BANKS,INC SFC Company Reg. No. I'IN

proven by actual operation that its primary purpose is one of thosc enumerated under Section 30 (F) of the National Internal Revenue Code of 1997. as amended. It is exempt from INCOME TAX only on thec following revenues or reccipts: This ccrtities that the above-named entity is a non-stock, non-profit corporation and has

Conventions, trainings and seminar fees paid by member banks, except such portion pertaining to souvenir fees and advertising Membership fces and dues. fees: and

othing follow

subject to the provisions of applicabie BIR rules and regulations and the tax exemptions. liabitities and responsibilities stated in the Terms and Conditions hereto attached and made an integral part hereof. It is liable. however. to ali other taxes not enumerated above.

earlier revoked by this Office for violation of any provisions of applicable rules and regulations of BIR. or the terns and conditions herein sct forth. This certification sha!l be valid for three (3) years from the date of issuance unless

period. Certificate shall be decmed a revocation thereof upon the expiration of the three (3)-year provided under Revenue Memorandum Order (RMO) No. 20-2013. Failure to renew this This Certificate may be renewed upon filing of a subsequent applieation for revalidation

documents as represented and submitted. However. If upon investigation. the BIR ascertains that the facts are different. then this Certificate shali be considered null and void. This Certificate of Tax Exemption is being issued on the basis of the facts and

Issued this day of NOV O 7.2017

18oAw

h Commissioner of Interna! Revenue CAESAR R. DULAY 010975

Chamber of Thrift Banks, Inc. Page 2 of 3 Date Issued: 21-7-O7 CTE NO.

TERMS AND CONDITIONS OF THE CERTIFICATE OF TAX EXEMPTION

TAX EXEMPTIONS

1) inCoME tAX.

CHAMBER OF THRIFT BANKS INC. is exempt from the payment of income tax only on revenues and receipts enumerated on the Certificate of Tax Exemption provided, that no part of its net income or asset shall belong to, or inure to the benefit of any member. Organizer. officer or any specific person.

LIABILITY FOR INTERNAL REVENUE TAXES

D) INCOME TAX

CHAMBER...OF THRIFT BANKS, INC. is subject to income tax on all its income/receipts/revenues not expressly exempted and stated in the Certificate of Tax Exemption. Moreover. it is subject to the corresponding internal revenue taxes imposed under the National Internal Revenue Code of 1997. as amended, on its income derived from any of its properties. real or personal. or any activity conducted for profit regardless of the disposition thereof. which incomc should be returned for taxation.

Management and administrative fees. proceeds from events or conferences and other for- profit activities are subject to income tax.

Likewise, interest income from currency bank deposits and yield or any other monetary benefits from deposit substitute instruments and from trust funds and similar arrangements.

27(D)(1) in relation to Sec. 57(A) both of the National Internal Revenue Code of 1997, as and royalties derived from sources within the Philippines are subject to the twenty percent (20%) final withholding tax: Provided, however. that interest income derived by it from a amended. depository bank under the expanded foreign currency deposit system shall be subject to seven and onc-half pcrcent (7-1/2%) final withholding income tax pursuant to Section

2) VALUE ADDED TAX/PERCENTAGE TAX

lf CHAMBER OF THRIFT BANKS,INC. is engaged in the salc of goods or scrvices in

derived therefrom shall be subject to the 12% VAl. in case the gross receipts from such sales exceed One Million Nine Hundred Nineteen Thousand Five Hundred Pesos (P1.919.500.00). or to the 3% pcrcentage tax. it gross receipts do not exceed P1.919.500.00) the course of a busincss pursuit. inciuding transactions incidental thereto. its revenues

Notwithstanding that it is a non-stock, non-profit corporation, its purchase of goods or properties or services and importation of goods shalt nevertheless be subiect to the 12% value-added tax pursuant to Sections 106 and 107 of the National Internal Revenue Code of 1997. as amended. N

512-17

Chamber of't'hrift Banks. Inc. CTE No 13-?-2017

Page 3 of 3 Date Issued:

3) WITHHOLDING TAX

CHAMBER OF THRIFT BANKS,INC. shall bc constitutcd as withholding agcnt for the government if it acts as an employer and its empioyees receive compensation income Subject to the withholding tax under Section 79 (A). Chapter XIII. Title II of the National

2-98. as amended, or if it makes income payments to individuals or corporations subject to the withholding tax pursuant to Section 57 of the National Internal Revenue Code of 1997. Internal Revenue Code of 1997. as amended. as implemented by Revenue Regulations No.

as amended. as implemented by Revenue Regulations No. 2-98, as amended.

TAXPAYER'S DUTIES & RESPONSIBHLITIES

1} CHAMBER OF THRIFT BANKS INC. is required to file on or before the 15th day of Exemption shall be attached to the aforementioned Annual Information Return. the fourth month following the end of the accounting period a Profit and Loss Statement and Balance Sheet with the Annual Information Return under oath. stating its gross income and expenses incurred during the preceding period and a certificate showing that there has not been any change in its By-laws, Articles of Incorporation, manner of operation and activities as well as sources and disposition of income. Copy of this Certificate of Tax

2) Under Section 235 of the National Internal Revenue Code of 1997. as amended. any Incentives. and its tax liabilities. if any. provision of existing general and special law to the contrary notwithstanding. thc books of incentives shall be subject to examination by the BIR for purposes of ascertaining accounts and other pertinent records of tax-exempt organization or grantees of tax compliance with the conditions under which it has been granted tax exemptions or tax

3) Further. it is also required under Section 6(C) in relation to Section 237 of the National commercial invoices for each sale or transfer of merchandisc or for services rendered which are not dircctly related to the activities for which the corporation is registered. (Revenue Memorandum Circular No. [RMC] No. 76-2003). Internal Revenue Code of 1997. as amended, to issue duly registered receipts or sales or

4) Finally. it is subject to the payment of registration fee of PhP500.00 as prescribed in Section 236(B) of the National Internal Revenue Code of 1997, as amendec W