15% Withholding Tax Imposed on a Non-Resident Corporation
BIR Ruling No. 111-88 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Mar 18, 1988
Full text
March 18, 1988 BIR RULING NO. 111-88 25 (b) (5) (B) 195-91 111-88 Gentlemen : In reply to your letter dated November 20, 1987, I have the honor to inform you that it having been established that Bermuda does not impose any tax on dividends received by corporations domiciled therein, (The Exempted Undertakings Tax Protection Act 1966) the dividends to be remitted by TMX Philippines, Inc. to TMX Ltd. of Bermuda, a non-resident corporation domiciled in Bermuda are subject only to the 15% withholding tax prescribed by Section 25(b)(5)(B) of the Tax Code, as amended. cdt Very truly yours, (SGD.) BIENVENIDO A. TAN, JR. Commissioner
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