15% Withholding Tax — Remittance to a Non-Resident Foreign Corporation
BIR Ruling No. 010-80 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Feb 5, 1980
Full text
February 5, 1980 BIR RULING NO. 010-80 Commonwealth Insurance Company Warner Barnes Building 2900 Faraday Street Corner South Expressway Makati, Metro Manila Attention: Mr . Jesus P . de Guzman Vice-President Insurance Division Gentlemen : In reply to your letter dated November 21, 1979, I have the honor to inform you that it having been established that HongKong does not impose any tax on dividends received from foreign sources, the dividends to be remitted by Commonwealth Insurance Company to A.N.C. Far East Ltd., a non-resident foreign corporation domiciled in HongKong, are subject to withholding tax at the rate of 15% only, in accordance with Section 24(b)(1)(iii) of the Tax Code of 1977, as amended. (See B.I.R. Ruling dated September 30, 1975). Very truly yours, RUBEN B. ANCHETA Acting Commissioner
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