Stamp Tax Now Applies to Western Union Remittances to the Philippines
By Rico, 9:09 am Sun Aug 17 2008 - News - 2 Opinions
Based on a tax act that passed way back in 1997, Western Union has decided to implement a P0.30 documentary stamp tax (DST) for every P200 of cash sent to the Philippines. In other words, a remittance of P1000 will incur a DST of P1.5, while P10,000 will be taxed P15.
WU said that the collection will be remitted to the Philippine government. Remittances from the estimated 8 million Filipinos abroad are expected to reach $15.7 billion by the end of the year. Based on this estimate, and according to our calculations, the government can hope to receive a little over $23 million.
Those depending on Western Union remittance services include the aforementioned OFWs, and local online entrepreneurs who receive their Google AdSense earnings through the global money transfer company. (businesspod.wordpress.com)
Nenet
6:06 am Mon Nov 17 2008
I think it sucks. The OFW paid certain fees every time they send money to the Phil. What is documentary stamp anyways? Isn’t it for documents only. I think the Phil. gov’t doesn’t know of a way to generate income so it has to resort to this.
banderas
4:04 pm Mon Dec 8 2008
Total F$%king nonsense!
Typical morons whos just want to earn for something they didnt work for.
May they sleep well at night.
pathetic