Tax Free Dollar Deposit

[Shintaro]

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]

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]

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

[eyescube]

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]

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]

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]

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]

'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]

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]

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.

[ROINCEN]

naalala ko na mga pards... its BIR Revenue Regulation 10-98... you can check it at BIR website...http://www.bir.gov.ph/...under archives...