Implements the Tax Exemption Provisions of Republic Act No. 11211 (Amending the New Central Bank Act)

January 15, 2020REVENUE REGULATIONS NO. 002-20SUBJECT : Implements the Tax Exemption Provisions of Republic Act No. 11211, Otherwise Known as "An Act Amending Republic Act Number 7653, Otherwise Known as "The New Central Bank Act," and for Other Purposes"      TO : All Internal Revenue Officers and Others Concerned SECTION 1. Scope. — Pursuant to the provisions of Section 244 of the National Internal Revenue Code ("NIRC"), as amended, the following Regulations are hereby promulgated to implement the tax provisions of R.A. No. 11211, otherwise known as "An Act Amending Republic Act Number 7653, Otherwise Known as "The New Central Bank Act," and for Other Purposes." HTcADCSECTION 2. Coverage. — These regulations cover all income of the Bangko Sentral ng Pilipinas (BSP) considered as derived from governmental functions, such as those activities in the pursuit of BSP's primary objectives to exercise of its supervision over the operations of banks and its regulatory and examination powers over non-bank financial institutions performing quasi-banking functions, money service businesses, credit granting businesses and payment system operators, and to maintain price...