Okay thanks, I always thought VISA/ MASTERCARD etc were the 'names' of the Cards of each company (as in two separate companies who supplied Credit Cards) I have had Credit Cards before but never had a Debit Card (unless that is the name of the Card supplied by your local Bank to withdraw from ATM's?) I just used them (Credit Cards supplied by Financial institutions) but thankfully now no longer possess one!
Credit cards are useful if controlled properly, Plastic money (as we call it) is a very important thing in life today BUT and I say But YOU have to Control the Spending
Or control who holds it, made that mistake when I put another's name on my card years ago, before I knew it, she had increased the initial limit of $2,500 to $5,000 then gained another 3x Cards totaling $20,000 without me even knowing it! I did not realise by adding a name to YOUR Card gave them unchallenged control over it... I DO NOW!
Regarding the issue of obtaining a tax payer ID number the answer is yes. I moved here from Bacolod 2 years ago and opened an account at BPI and was told I needed one. Went to the BIR and had one issued. Picked up the application one morning, got the requirements, then went theirr the next day and had my number in about 45 minutes.
I assume this would apply to someone who is working in the Philippines? I am a Pensioner Paid directly from the Australian Government to my BPi Bank Account and did not need a Tax Payer ID#...
Correct, unless you either bought a condo ( to pay taxes on each year) or started to work or gained profits from a company here you had shares in or if you rented out said Condo This is my belief anyway
If they withhold tax, they're sending it to the government treasury. I don't have a TIN. I have a BDO dollar account and pesos account. When I bring my passbook in, they load it into the machine to catch the balance up after my ATM withdrawals. I get credit entries for interest followed by immediate debit entries for the taxes on that interest. The bank's computer does the bookkeeping and pays the appropriate taxes based on the outrageous sums of interest I am [not] getting. Why have a TIN if you're paying your taxes on interest automatically through the bank?
