February 9, 2009
BIR RULING [SB-(009) 087-09]
Section 32 (B) (6) (b); BIR Ruling No. SB-69-98
Banco de Oro
12 ADB Ave., Ortigas Center
Mandaluyong City
Attention: SVP Perla F. Toledo
Head-HR Management
Gentlemen :
This refers to your letter dated November 25, 2008, requesting exemption from taxes, the separation benefits to be received by Ms. CARMINDA G. IPAC, as a consequence of her sickness pursuant to Section 32 (B) (6) (b) of the Tax Code of 1997.
It is represented that Ms. Carminda G. Ipac, was your former employee, who resigned from office on September 1, 2008; that she had been employed in your bank from February 1, 1988 to August 31, 2008; that after more than 20 years of service, she decided to leave the bank due to her health condition; that she was diagnosed to have breast cancer last 2003 and thereafter, underwent medication and chemotherapy; that it was unfortunate that the cancer metastasized and spread to her lungs in 2006 and now has continuously spread to her bones and brain; that she is currently undergoing continued medication to prevent the...
