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RMC No. 32-2005: Publishes the full text of BIR Ruling No. 001-2005 subjecting the income realized by enterprises registered under the Bases Conversion and Development Act of 1992 and the Philippine Economic Zone Act of 1995 that is not related to its registered activity/ies to regular internal revenue taxes

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Summary

RMC No. 32-2005 publishes the full text of BIR Ruling No. 001-2005. The ruling subjects income unrelated to registered activities of enterprises under the Bases Conversion and Development Act of 1992 and the Philippine Economic Zone Act of 1995 to regular taxes.

Key points

  1. Unrelated income. Income of registered enterprises that is not related to their registered activity or activities is subject to regular internal revenue taxes.
  2. Foreign currency deposit interest. Interest income from foreign currency deposits is subject to the final income tax rate of 7.5% of that interest income.

Who is affected

  • Enterprises registered under the Bases Conversion and Development Act of 1992 and the Philippine Economic Zone Act of 1995

Deadlines and effectivity

  • Issued July 5, 2005
  • BIR Ruling No. 001-2005 dated June 16, 2005

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.

Related issuances

CitesRR No. 20-2002

Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.