Name: __________________________________________________ Date: 8 April 2025 Score: ____________
In 2024, spouses Renato and Judy Garcia opened peso and dollar deposits at the Philippine branch of the
Hong Kong Bank in Manila. Renato is an overseas worker in Hong Kong while Judy lives and works in
Manila. During the year, the bank paid interest income of P10,000 on the peso deposit and US$1,000 on
the dollar deposit. The bank withheld final income tax equivalent to 20% of the entire interest income and
remitted the same to the BIR. Are the interest incomes on the bank deposits of spouses Renato and Judy
Garcia subject to income tax? Explain.
Name: __________________________________________________ Date: 8 April 2025 Score: ____________
In 2024, spouses Renato and Judy Garcia opened peso and dollar deposits at the Philippine branch of the
Hong Kong Bank in Manila. Renato is an overseas worker in Hong Kong while Judy lives and works in
Manila. During the year, the bank paid interest income of P10,000 on the peso deposit and US$1,000 on
the dollar deposit. The bank withheld final income tax equivalent to 20% of the entire interest income and
remitted the same to the BIR. Are the interest incomes on the bank deposits of spouses Renato and Judy
Garcia subject to income tax? Explain.
Name: __________________________________________________ Date: 8 April 2025 Score: ____________
In 2024, spouses Renato and Judy Garcia opened peso and dollar deposits at the Philippine branch of the
Hong Kong Bank in Manila. Renato is an overseas worker in Hong Kong while Judy lives and works in
Manila. During the year, the bank paid interest income of P10,000 on the peso deposit and US$1,000 on
the dollar deposit. The bank withheld final income tax equivalent to 20% of the entire interest income and
remitted the same to the BIR. Are the interest incomes on the bank deposits of spouses Renato and Judy
Garcia subject to income tax? Explain.
Name: __________________________________________________ Date: 8 April 2025 Score: ____________
In 2024, spouses Renato and Judy Garcia opened peso and dollar deposits at the Philippine branch of the
Hong Kong Bank in Manila. Renato is an overseas worker in Hong Kong while Judy lives and works in
Manila. During the year, the bank paid interest income of P10,000 on the peso deposit and US$1,000 on
the dollar deposit. The bank withheld final income tax equivalent to 20% of the entire interest income and
remitted the same to the BIR. Are the interest incomes on the bank deposits of spouses Renato and Judy
Garcia subject to income tax? Explain.
Name: __________________________________________________ Date: 8 April 2025 Score: ____________
In 2024, spouses Renato and Judy Garcia opened peso and dollar deposits at the Philippine branch of the
Hong Kong Bank in Manila. Renato is an overseas worker in Hong Kong while Judy lives and works in
Manila. During the year, the bank paid interest income of P10,000 on the peso deposit and US$1,000 on
the dollar deposit. The bank withheld final income tax equivalent to 20% of the entire interest income and
remitted the same to the BIR. Are the interest incomes on the bank deposits of spouses Renato and Judy
Garcia subject to income tax? Explain.
Name: __________________________________________________ Date: 8 April 2025 Score: ____________
In 2024, spouses Renato and Judy Garcia opened peso and dollar deposits at the Philippine branch of the
Hong Kong Bank in Manila. Renato is an overseas worker in Hong Kong while Judy lives and works in
Manila. During the year, the bank paid interest income of P10,000 on the peso deposit and US$1,000 on
the dollar deposit. The bank withheld final income tax equivalent to 20% of the entire interest income and
remitted the same to the BIR. Are the interest incomes on the bank deposits of spouses Renato and Judy
Garcia subject to income tax? Explain.
