Filipinos will now see a uniform 20% tax on interest earned from savings and investment accounts. The bill removes previously lower tax rates on long-term deposits, applying a flat 20% withholding tax regardless of the deposit’s maturity. The DOF noted that 99.6% of deposits in the banking system were already taxed at the 20% rate. Read more in our articles including "CMEPA implemented, banks slap uniform 20% tax to interest income" and "OnePlus exits US, Europe markets; PH operations to continue".
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Apr 2, 2026Filipinos will now see a uniform 20% tax on interest earned from savings and investment accounts. The bill removes previously lower tax rates on long-term deposits, applying a flat 20% withholding tax regardless of the deposit’s maturity.
The DOF noted that 99.6% of deposits in the banking system were already taxed at the 20% rate.
Our coverage of CMEPA law 20% tax includes: "CMEPA implemented, banks slap uniform 20% tax to interest income"; "OnePlus exits US, Europe markets; PH operations to continue"; "DTI retracts plan to require permit when running online ads and promos". Each article provides unique insights and information.