Jerry Vale R. Garcia Accounting Office

The Department of Finance (DOF) on Thursday clarified that the Capital Markets Efficiency Promotion Act (CMEPA) does not impose a new tax but standardizes the tax rate on interest income to correct an unfair system that favored the wealthy.

In a statement, the DOF said under CMEPA, the tax on interest income was set at 20 percent to simplify compliance, eliminate confusion, and level the playing field for all Filipinos.

Source: https://www.pna.gov.ph/articles/1254503