Philippines MOF Clarifies Withholding Tax on Meralco Refunds

The Philippine Department of Finance Feb. 4 clarified a revenue regulation reducing to 15 percent the withholding tax on refunds and refund interest income paid to customers by the Manila Electric Company (Meralco). However, withholding tax on interest income on the refund of meter deposits for customers whose monthly consumption exceeds 200 kilowatts per hour will remain at 10 percent. [Philippines, Department of Finance, 02/04/19]

Reference:
View Announcement.