Taxes Imposed on Deposit Substitute Instruments Issued by State Investment House, Inc. and State Financing Center, Inc.
BIR Ruling No. 212-86 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Oct 14, 1986
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October 14, 1986 BIR RULING NO. 212-86 21 (c) (1) 24 (e) 000-00 212-86 Gentlemen : In reply to your letter dated September 11, 1986, I have the honor to inform you that deposit substitute instruments issued by the State Investment House, Inc. and the State Financing Center, Inc. in 1984 but payment of which are on an installment basis and some installments thereof fall due after August 1, 1986 shall be subject to 15% withholding tax on interest/yield earned or accrued from October 15, 1984 up to December 31, 1985; 17.5% final withholding tax on interest/yield earned or accrued from January 1, 1986 to July 31, 1986; and 20% withholding tax on interest/yield earned or accrued from August 1, 1986. (Revenue Memorandum Circular No. 28-86). Very truly yours, (SGD.) ROMULO M. VILLA Acting Commissioner
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