Association/condominium dues, membership fees and other assessment/charges collected from
the members, which are merely held in trust and which are to be used solely for administrative
expenses in implementing their purposes, viz., to protect and safeguard the welfare of the
owners, lessees and occupants; provide utilities and amenities for their members, and from
which the corporation could not realize any gain or profit as a result of their receipt, must not be
included in said corporation’s gross income. This means that the same are not subject to
income tax and to withholding tax. [Officemetro Philippines (formerly Regus Centres, Inc.)
vs. Commissioner of Internal Revenue, CTA Case No. 8383, June 3, 2014]
No comments:
Post a Comment