THE Supreme Court on Tuesday granted the petition of eight of the country's largest banks for a temporary restraining order on the Bureau of Internal Revenue ruling imposing a 20 percent final withholding tax on the controversial 10-year Poverty Eradication and Alleviation Certificates (PEACe) bonds.
By Interaksyon.com
EIGHT banks on Monday asked the Supreme Court to stop the government from imposing a 20-percent final withholding tax on P35 billion worth of the controversial Poverty Eradication and Alleviation Certificates (PEACe) government bonds, which will mature on Tuesday, October 18. (Read the full report here)
THE Bureau of Internal Revenue modified on Monday its Oct. 7 ruling to include “all subsequent holders” of the PEACe Bonds, in addition to the original buyer, the Caucus of Development NGO Networks (Code-NGO), as liable to pay the 20 percent final withholding tax on the bonds that mature Tuesday.
By LUZ RIMBAN and YVONNE T. CHUA
THE BUREAU of Internal Revenue has found the Caucus of Development NGO Networks (Code-NGO) liable to pay close to P5 billion in taxes for its purchase of the so-called PEACe Bonds 10 years ago.
