MANILA, Philippines - The Bureau of Internal Revenue reiterated that interest earnings from long-term deposits or investments are exempted from income tax as long as these have a maturity period of not less than five years. The deposits or investments covered by this rule are time deposits or investments in the form of savings, common or individual trust funds, deposit substitutes and investment management accounts. The income tax exemption can only be enjoyed by depositors that are individual citizens or aliens engaged in trade or business in the Philippines. Continue reading...
