Is true that the Philippine government has taxed the money transfer in their country?

Question

Is true that the Philippine government has taxed the money transfer in their country?

Answer 1

Try looking here.I copied and pasted the relavent stuff.

http://www.gov.ph/faqs/tax_info.asp

Withholding Tax on Government Money Payments is the withholding tax withheld by government offices and instrumentalities, including government-owned or -controlled corporations and local government units, before making any payments to private individuals, corporations, partnerships and/or associations.

and here

http://www.cockatoo.com/english/philippi...

Money remittances from abroad to Philippine banks may be either to given accounts or just in the name of the claimant.

Foreign currencies other than the US dollar, when remitted to the Philippines, cannot be directly converted into pesos but must first be converted into dollars based on the rate of exchange at its place of origin. The Philippine peso cannot be remitted from abroad as this currency is not accepted as hard money in international markets.

A telegraphic money transfer is the fastest way to have money sent from abroad. The money normally can be withdrawn in Manila within 3 to 5 days, counting from the time it was sent from abroad. If the order for the telegraphic money transfer is sent by mail which easily takes more than a week, no arrival of money can be expected in Manila for a half month.

Before ordering a telegraphic money transfer from abroad, one should contact the bank at which the money is supposed to be received. Some banks don't handle amounts under a certain limit whereas others may not have well established contacts. Reported irregularities are that banks have kept money they received for weeks or months before paying.

Local charges for the telegraphic remittance from a correspondent bank are a documentary stamp tax and a handling fee. Documentary tax ranges from 20 to 30 centavos per 200 pesos while the handling fee is about 1/4 of 1% of the amount remitted or a flat rate ranging from 20 to 30 pesos. However, a comparatively big charge is imposed on the sender of the money abroad, as he has to pay the telex fee which can be 20 to 50 dollars.

SWIFT is a more modern way of money transfer from abroad. The acronym stands for `Society of Worldwide Interbank Financial Telecommunication'. The SWIFT system functions through computers in those banks which are members. The member banks of SWIFT in the Philippines are: Philippine Commercial International Bank, Philippine National Bank, Bank of Philippine Island, Metrobank, United Coconut Planters Bank, Far East Bank and Trust Company, Allied Bank, Equitable Bank, Asian Development Bank.

SWIFT has a regional processing center in Metro Manila at the Telecom Plaza, Gil Puyat Ave Ext, Makati.

SWIFT is used in many international financial transactions such as money transfers and letters of credit. SWIFT charges at the place where the money is sent from, are about 20% lower than the charges for telegraphic money transfers.

This page: http://www.cockatoo.com/english/philippi...