Offshore Banking Unit Subject to 10% Final Withholding Tax on Gross Onshore Income
BIR Ruling No. 018-84 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jan 25, 1984
Full text
January 25, 1984 BIR RULING NO. 018-84 24-f-000-00-018-84 Gentlemen : In reply to your letter dated August 8, 1983 on behalf of Chase Manhattan Bank, a U.S. banking corporation with an offshore banking unit (OBU) in the Philippines, I have the honor to inform you that an OBU is subject to the 10% final withholding tax on gross onshore income; that it was introduced by Presidential Decree No. 1034 effective on September 30, 1976; that the tax was incorporated in the National Internal Revenue Code of the Philippines as Section 24(f)(1) of said Code; and that said tax is an income tax under Title II of the Tax Code. cdta Very truly yours, (SGD.) RUBEN B. ANCHETA Acting Commissioner
Ask what this means for your situation
The assistant quotes the passage it relies on and links the source, so you can check every figure it gives you.