TaxAccountant PH

📢 Heads Up, Savers! Understanding the Latest Updates on Your Savings Interest Tax! 📢

The Department of Finance (DOF) wants to make sure we're all clear on the Final Withholding Tax on Interest Income from Savings under the Capital Market Efficiency Promotion Act (CMEPA). These changes are important for everyone with savings accounts and time deposits!

Here's a breakdown of what's staying the same and what's new:

1. Interest Income from Regular Savings:

There's NO CHANGE here. The 20% final withholding tax remains the same.

2. Interest Income from Time Deposits (in Peso, Less than 5 Years):

This is where a significant change comes in! Previously, the tax rate varied based on the maturity or lock-in period:

4 years to less than 5 years: 5%

3 years to less than 4 years: 12%

Less than 3 years: 20%

NOW, it's a simplified 20% final tax on interest income for all savings deposited in banks, regardless of the maturity period for time deposits under 5 years.

3. Interest Income from Time Deposits (in Peso, 5 Years or More):

Another key change! These were previously TAX-EXEMPT.

NOW, there's a 20% final tax on interest income for savings deposited in banks.

4. Interest Income from Pag-IBIG, SSS, GSIS Products:

No worries here! There's NO CHANGE. These remain tax-exempt.

What does this mean for you?

It's crucial to be aware of these updates, especially if you have time deposits. The DOF aims to promote capital market efficiency, and these adjustments are part of that effort.

We encourage everyone to review their savings strategies and consult with their respective banks or financial advisors if you have specific questions about how these changes will affect your personal finances.

Stay informed, stay financially savvy!

BREAKING: Around 1.2 million minimum wage earners in the National Capital Region (NCR) will receive a daily minimum wage increase of P50, Department of Labor and Employment (DOLE) Secretary Bienvenido E. Laguesma announced today. | via DOLE

Maligayang Araw ng Kalayaan! 🇵🇭

As we celebrate Philippine Independence Day, we honor the courage of those who fought for our freedom, a reminder that independence is not just a right, but a responsibility.

We believe that financial independence is just as important. Whether you're managing your taxes, growing your business, or planning your future. We’re here to help you gain control, stay compliant, and succeed with confidence.

📣📣📣 Philhealth Advisory No. 2025-0032

Implementation of the TOTP Authentication in EPRS

President Ferdinand Marcos, Jr. declares June 6, 2025, Friday, a regular holiday in observance of Eid'l Adha.

Link to full story in the comments section.

🎉 Happy Labor Day! 🎉
Today, we honor the dedication and hard work of every Filipino worker — the true backbone of our economy. 💪 Salute to your resilience, passion, and contribution!

📌 As we welcome May, don’t forget to stay on top of your tax responsibilities! Here are the upcoming BIR Deadlines for the month:

📅 May 10 – Withholding Tax on Compensation (BIR Form 1601-C)
📅 May 10 – Withholding Tax on Expanded (BIR Form 0619-E)
📅 May 15 – 1st Quarterly Income Tax for Individuals (BIR Form 1701-Q)
📅 May 29 – 1st Quarterly Income Tax for Corporations (BIR Form 1702-Q)

Completing my requirements for the renewal of my BIR Accreditation
💻🏃💨