Baclig, Bayangos, and Co.

03/11/2025

17/07/2025

📣 TAX UPDATE:

Starting July 1, 2025, all interest income from bank deposits will be subject to a flat 20% Final Withholding Tax (FWT), regardless of how long you keep your money in the bank.

✅ No more tax exemptions or reduced rates for long-term peso time deposits.
✅ Foreign currency deposits* (such as USD accounts) will now be taxed at 20%, up from the current 15%.

*Interest income of non-residents, whether individuals or corporations from FCDU transactions shall continue to be exempt from the relevant income taxes.

CLARIFICATION ON BANK DEPOSIT TAXES:
Some headlines like "Savings sa Bangko, may 20% tax na!" are misleading. A flat 20% Final Withholding Tax (FWT) will apply to interest earned on ALL bank deposit accounts starting July 1, 2025, but this does NOT mean your entire savings will be taxed! Only the interest income (i.e., the earnings your deposit generates) will be subject to 20% tax. The principal or total amount you deposited stays intact.

*Check the facts. Stay informed.*

12/04/2025

3 DAYS LEFT!

Pay as you file!

With the deadline fast approaching, the BIR is reminding taxpayers to pay their exact 2024 Annual Income Tax on the day of filing their Return.

Deadline: on or before April 15, 2025.

Don't know how to file your 2024 Annual Income Tax Return (AITR)?

Watch our webinars to learn how.

Webinar on AITR Filing & Payment - Employees Earning Purely Compensation Income & Mixed Income Earners: https://tinyurl.com/EmployeesMixedIncomeEarners

Webinar on AITR Filing & Payment - Self-Employed Individuals & SoleProprietors: https://tinyurl.com/SelfEmployedandProfessionals

Webinar on AITR Filing & Payment - Corporations and Partnerships: https://tinyurl.com/CorporationsandPartnerships