June 29, 2020
BIR RULING NO. OT-363-20
Section 3 and Section 6 of Revenue Regulations No. 09-04
Bangko Sentral ng Pilipinas
A. Mabini St. cor. P. Ocampo St.,
Malate, Manila
Attention: Eduardo Q. Bobier
Managing Partner n
Gentlemen :
This refers to your letter dated January 14, 2020 requesting for confirmation on whether or not the Bangko Sentral ng Pilipinas (BSP) is obligated to withhold percentage taxes on interest income payments to banks and non-bank financial institutions.
In reply, please be informed that Sections 3 and 6 of Revenue Regulations (RR) No. 09-04 entitled "Implementing Certain Provisions of Republic Act No. 9238, Re-Imposing the Gross Receipts Tax on Banks and Non-Bank Financial Intermediaries Performing Quasi-Banking Functions and Other Non-Bank Financial Intermediaries Beginning January 1, 2004" provides: HTcADC
"SECTION 3. Imposition of Gross Receipts Tax (GRT) on Banks and Non-Bank Financial Intermediaries Performing Quasi-Banking Functions. — There shall be collected on gross receipts from sources within the Philippines by all banks and non-bank financial intermediaries performing quasi-banking functions in accordance with the following schedule:
(a)wxwxOn interest, commissions and discounts from lending activities as well as income from...
