These are the creditable withholding tax rates for the following income payments:
I. Meralco payments on the following:
a. Meralco Refund arising from ERC Case Nos. 2020-043, 2010-069, 2011-088, 2012-054, 2013-056, and 2014-029 – On the gross amount of refund given by Meralco to nonresidential customers – 15 percent.
b. Interest income on the refund of meter deposits determined, computed, and paid in accordance with the “Rules to Govern Refund of Meter Deposit to Residential and Non-residential Customers” dated Jan. 18, 2006, exempting all electricity consumers from payment of meter deposit.
On the gross amount of interest paid directly to the customers or applied against the customer’s billings:
i. Residential and General Service customers whose monthly electricity exceeds 200 kwh – 10 percent and
ii. Non-residential customers – 15 percent.
II. Interest income on the refund paid through direct payment or application against customer’s billings by other electric distribution utilities (DUs) in accordance with the rules embodied in ERC Resolution 12, Series of 2016, dated April 5, 2016, exempting all electricity consumers, whether residential or non-residential, from the payment of meter deposits.
On the gross amount of interest paid directly to the consumer or applied against the customer’s billings:
i. Residential and General Service customers whose monthly electricity exceeds 200 kilowatt per hour – 10 percent and
ii.Non-residential customers – 15 percent.
Please be guided accordingly.
Source:
P&A Grant Thornton
Certified Public Accountants