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What is Tax Implications of Bank Income Taxation about?

The Supreme Court ruled that the 20% final withholding tax (FWT) on bank interest income forms part of taxable gross receipts for computing the 5% gross receipts tax (GRT). While the 20% FWT is withheld at source and not physically received by banks, it is constructively received as it is remitted to the government on their behalf to satisfy tax obligations. Therefore, the 20% FWT amount is included in gross receipts subject to the 5% GRT. The Court of Tax Appeals and Court of Appeals had previously ruled t

Author

Aggy Albotra

Language

EN