Tax Exemption for Offshore Banking Units

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Republic Act No. 9294: Tax Exemption for Offshore Banking Units

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Title Source: Supreme Court: Tax Exemption for Offshore Banking Units

Law: Republic Act No. 9294

Decision Date: Apr 28, 2004

Republic Act No. 9294 restores tax exemptions for Offshore Banking Units (OBUs) and Foreign Currency Deposit Units (FCDUs), amending the National Internal Revenue Code to exempt certain foreign currency transactions from income tax while imposing specific tax rates on interest income and profits from transactions with residents.

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