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    RR 10-98 Digest

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    Andrea Nicole Paulino Rivera
    Revenue Regulations No. 10-98 implements RA No. 8424 which imposes income taxes on income derived from foreign currency deposits and offshore banking. Interest income received by Philippine residents from foreign currency bank deposits will be subject to a 7.5% final withholding tax to be collected and remitted by the depository bank. For jointly held accounts with non-residents, 50% of interest income will be exempt from tax and the other 50% taxed at 7.5%. These regulations apply to taxable income from deposits starting January 1, 1998 per Section 8 of RA 8424.

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    RR 10-98 Digest

    Uploaded by

    Andrea Nicole Paulino Rivera
    16 views1 page
    Revenue Regulations No. 10-98 implements RA No. 8424 which imposes income taxes on income derived from foreign currency deposits and offshore banking. Interest income received by Philippine residents from foreign currency bank deposits will be subject to a 7.5% final withholding tax to be collected and remitted by the depository bank. For jointly held accounts with non-residents, 50% of interest income will be exempt from tax and the other 50% taxed at 7.5%. These regulations apply to taxable income from deposits starting January 1, 1998 per Section 8 of RA 8424.

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    Revenue Regulations No. 10-98 implements RA No. 8424 which imposes income taxes on income derived from foreign currency deposits and offshore banking. Interest income received by Philippine residents from foreign currency bank deposits will be subject to a 7.5% final withholding tax to be collected and remitted by the depository bank. For jointly held accounts with non-residents, 50% of interest income will be exempt from tax and the other 50% taxed at 7.5%. These regulations apply to taxable income from deposits starting January 1, 1998 per Section 8 of RA 8424.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    16 views1 page

    RR 10-98 Digest

    Uploaded by

    Andrea Nicole Paulino Rivera
    Revenue Regulations No. 10-98 implements RA No. 8424 which imposes income taxes on income derived from foreign currency deposits and offshore banking. Interest income received by Philippine residents from foreign currency bank deposits will be subject to a 7.5% final withholding tax to be collected and remitted by the depository bank. For jointly held accounts with non-residents, 50% of interest income will be exempt from tax and the other 50% taxed at 7.5%. These regulations apply to taxable income from deposits starting January 1, 1998 per Section 8 of RA 8424.

    Copyright:

    © All Rights Reserved
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    REVENUE REGULATIONS NO.

    10-98 issued September 2, 1998 prescribes the regulations to implement


    RA No. 8424 relative to the imposition of income taxes on income derived under the Foreign Currency
    Deposit and Offshore Banking Systems. Specifically, interest income which is actually or constructively
    received by a resident citizen of the Philippines or by a resident alien individual from a foreign currency
    bank deposit will be subject to a final withholding tax of 7.5%. The depository bank will withhold and remit
    the tax. If a bank account is jointly in the name of a non-resident citizen, 50% of the interest income from
    such bank deposit will be treated as exempt while the other 50% will be subject to a final withholding tax
    of 7.5%. The Regulations will apply on taxable income derived beginning January 1, 1998 pursuant to the
    provisions of Section 8 of RA 8424. In case of deposits which were made in 1997, only that portion of
    interest which was actually or constructively received by a depositor starting January 1, 1998 is taxable.

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