NO CHANGE in tax on interest income for savings account, digital bank account, payroll account, e-money, time deposit below 5 years etc. (20% before CMEPA, still 20% after)
Only tax exemption on interest income on long-term deposits above 5 years will be removed. Pre-termination (withdrawal before 5 years) was already subject to tax before CMEPA.
REDUCED (lower tax) Stock transaction tax from 0.6% to 0.1%
REMOVED (no more tax) DSTs on redemption of listed shares, issuance and redemption of mutual funds. Issuance of mutual fund and UITF shares, issuance of UITF certificates
REDUCED (less tax) DST on issuance of shares of stock and Certificates of Indebtedness from 1% to 0.75%
NEW TAX INCENTIVE – Companies who contribute to the Personal Equity and Retirement Account (PERA) of their employees (additional 50% deduction to taxable income)
REPEALED – Excise tax exemption on pickup trucks
REPEALED – GOCC and government agencies tax exemptions on interest income in 25 laws
Other Press Releases
Salceda to government: Fully fund NIA’s ten-year master plan to cut rice imports by half
