The Trade Union Congress of the Philippines (TUCP) appeals for the removal of the documentary stamp tax (DST) imposed on remittances sent by overseas Filipino workers (OFWs) through the banking system.
This is also a way for government to lighten the burden of OFWs and their families who are suffering from the effects of Typhoons Ondoy and Pepeng, said Ernesto Herrera, Secretary General of TUCP, the biggest confederation of labor federations in the Philippines.
According to BusinessMirror, the former senator said overseas money transfers payable to the Philippines, including those from OFWs, are subject to a P0.30 DST tax for every P200 sent through banks, based on the Internal Revenue Code.
This would amount to a total of P418.20 in stamp taxes in one year (or P34.85 per month) for an OFW who sends US$500 monthly, Herrera added.
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Time:
Friday, October 23rd, 2009 at 9:07 am
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