15% Withholding Tax — Non-Resident Foreign Corporation
BIR Ruling No. 037-81 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Feb 13, 1981
Full text
February 13, 1981 BIR RULING NO. 037-81 024-b 080-80 037-81 HongKong and Shanghai Banking Corporation 6780 Ayala Avenue, Makati Metro Manila Attention: Mr . A . R . Servinio Manager-Securities Gentlemen : In reply to your letter dated July 29, 1980, I have the honor to inform you that it having been established that HongKong does not impose any tax on dividends received by corporations domiciled therein from foreign sources, the dividends to be remitted to HSB HongKong Trustee Limited, a non-resident foreign corporation domiciled in HongKong are subject only to the 15% withholding tax, prescribed by Section 24(b)(1)(iii) of the Tax Code, as amended. Very truly yours, RUBEN B. ANCHETA Acting Commissioner
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