Tax Free Dollar Deposit

**Shintaro** · October 4th, 2003 09:25 PM

Mga pareko, May nabasa ako minsan na pag OFW daw at mag-oopen ng Dollar account sa atin sa Pilipinas, yung interest tax -free? Kailangan lang daw hindi Joint Account...Can anybody confirm this? Meron bang taga-banko dito? Thanks!

**NightRock** · October 10th, 2003 09:52 PM

saan mo na basa yan??? good news yan kung totoo. lahit na maliit lang ang interest na kinikita sa banko sayang din yung tax na ninanakaw nila

**Shintaro** · October 10th, 2003 10:52 PM

Paguwi ko next week sa Pilipinas, Magtatanong ako tapos post ko na lang dito...Nabasa ko ito dati sa Inquirer oldo matagal na.

**eyescube** · October 11th, 2003 12:19 AM

Yan ang ok, sana nman maging totoo yan para sa atin... kaso mo risky pa rin magtago ng malaking halaga sa Bank baka kc mangyari sa Pinas yun sa Venezuela...huh delikado... sana nman di hahantong doon...
Sige ipon tayo....

**MarvinRG** · October 11th, 2003 12:24 PM

I believe that such information is false. Under existing laws, all interest income are taxable. What i know however is that compared to a peso deposit account , a dollar deposit account has less tax, so it earns more in interest.

**Shintaro** · October 11th, 2003 03:36 PM

eyescube, oldo risky sa banko wala naman tayong puwedeng pagtaguan ng kuwarta,salapi at pera...siguro gawin na lang natin hanap na lang ng matatag na banko...yung bang 'subok na matibay' at subok na matatag',heh,heh,heh...

**ROINCEN** · October 14th, 2003 04:17 PM

tama ka pards.. tax free nga ang dollar account mo. as long as non-resident filipino citizen ka... BIR Revenue Regulation ito (nakalimutan ko lang yung RR no. post ko pag naalala ko). but you have to submit a specified proof, in your case if youre an OFW, you have to submit your OEC to the bank for verification. anyway... here's a link from CITYBANK were they explain the procedure..

http://www.citibank.com/philippines/...spfaqs.htm#tax

**Shintaro** · October 14th, 2003 06:56 PM

'Preng ROINCEN, salamat ng marami sa info.Pabalik ako ng Pilipinas bukas at kakausapin ko yung bankong malapit sa amin at pag OK talaga, post ko dito...

**empy** · October 14th, 2003 10:31 PM

while it's true that foreign nationals/ofw are exempt from philippine taxes, don't forget that you owe taxes to your home country from the interest income

**jesi** · October 15th, 2003 08:41 AM

Originally posted by M54 Powered
while it's true that foreign nationals/ofw are exempt from philippine taxes, don't forget that you owe taxes to your home country from the interest income

I don't think so. Why do most American millionaires stash their cash in other countries' banks [esp Morocco]. That is to avoid American Federal taxes. All I understand, sa US, the only taxable is what you earned there. Hindi tulad sa Pilipinas, gusto nila mag-register ka sa embassy pagdating sa US para l\kumulekta pa sa iyo ng tax. Ek ek nila.