Income Tax Exemption on Long-term Deposits

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BIR REVENUE MEMORANDUM CIRCULAR NO. 18-2011: Income Tax Exemption on Long-term Deposits

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Title Source: Supreme Court: Income Tax Exemption on Long-term Deposits

Law: Bir Revenue Memorandum Circular No. 18-2011

Decision Date: Apr 12, 2011

Interest income from long-term deposits or investment certificates with a maturity of at least five years is exempt from income tax for individual citizens and resident aliens, provided certain conditions are met, while early termination incurs graduated tax rates.

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