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Revenue Regulations No. 16-93

Republic Act No. 7353, otherwise known as the Rural Banks Act of 1992, providing for the Creation, Organization and Operation of Rural Banks and For Other Purposes.

RR No. 16-93 | 1993-04-22

April 22, 1993

REVENUE REGULATIONS NO. 16-93

SUBJECT : Republic Act No. 7353, otherwise known as the Rural Banks Act of 1992, providing for the Creation, Organization and Operation of Rural Banks and For Other Purposes.

TO : All Internal Revenue Officers and Others Concerned.

SECTION 1. Scope. — Pursuant to Section 245 in relation to Section 4 of the National Internal Revenue Code (NIRC) as amended, these regulations are hereby promulgated to implement the provisions of Sections 15, 20 and 21 of R.A. No. 7353 granting tax exemptions to rural banks, and Section 25 of the said Act.

SECTION 2. Taxes covered by the Exemption. —

A. All...