IMPORTANT ADVISORY

Tax rate changes for 2018

Tax rate changes for 2018

In line with the implementation of Republic Act No. 10963 (Tax Reform for Acceleration and Inclusion Law), please be advised of the following tax rate changes that will affect your bank transaction/account effective January 1, 2018.

Transaction Tax Type Tax Rate
Current Tax Rate NEW Tax Rate
under Republic Act No. (RA) 10963
International Telegraphic Transfer Documentary Stamp Tax P0.30 on each P200 or fractional part thereof of the transaction amount P0.60 on each P200 or fractional part thereof of the transaction amount
Local Telegraphic Transfer Documentary Stamp Tax P1.50 per transaction P3.00 per transaction
Issuance/Purchase/Encashment of Foreign Currency Demand Draft Documentary Stamp Tax P0.30 on each P200 or fractional part thereof of the face amount of the draft P0.60 on each P200 or fractional part thereof of the face amount of the draft
Interest income from Foreign Currency Deposits of individuals and domestic corporations (Dollar/Euro Current/Savings account, Time Deposits) Withholding Tax 7.5% 15%