No More Documentary Stamp Tax for OFW Remittances

By on Dec 4, 2010 in Announcement, Events Comments
No Tax Allowed
Credit: Inexpensively.com

In an Advisory No. 29, Series of 2010 issued by the Philippine Overseas Employment Administration (POEA) last November 18, 2010, remittances of all overseas Filipino workers (OFWs) shall be exempted from the payment of the documentary stamp tax (DST) upon showing of proof of entitlement by the OFW beneficiary or recipient.

This was made in pursuant to Section 22 of Republic Act 10022, an Act amending Republic Act 8042 otherwise known as the Migrant Workers and Overseas Filipino Act.

It was reported that for the year 2010, the Department of Finance projected a $19 billion remittances from OFWs. With the DST scraped, the government will be giving up $1.3 billion revenues annually but said that the amount will benefit the OFWs as it will become their extra savings.

A copy of the POEA advisory can be downloaded on their website here.



Spread The News!



Tags: , , , , , , , ,

Advertisement

Related News



What's On Your Mind?




Pinterest
Email