Tax at the Rate of 20% on Interest Derived by a Depositor
BIR Ruling No. 233-89 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Nov 20, 1989
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November 20, 1989 BIR RULING NO. 233-89 21 (c) (1) 000-00 233-89 S i r : In reply to your letter dated September 4, 1989, please be informed that interest derived by a depositor from his Philippine currency saving and time deposits are subject to tax at the rate of 20%. The tax shall be withheld by the bank and remitted to this Bureau. [Sec. 21(c)(1) and 50(a), Tax Code] cdtech Very truly yours, (SGD.) VICTOR A. DEOFERIO, JR. Deputy Commissioner
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