Are you a foreigner receiving passive income from the Philippines? We bear some good news!
The Bureau of Internal Revenue recently issued RMO No. 08-2017, which simplifies the documentation to immediately apply tax treaty rates on dividends, interests, and royalties earning from the Philippines.
In the RMO, tax treaty benefits are applied outright by the withholding agent (instead of going through the rigorous application and waiting process), upon submission of the Certificate of Residence for Tax Treaty Relief or CORTT.
Read the full text of the memorandum here:
Click on the image to view PDF or click here to download PDF.