Treasury to address ruling on PEACe bondsThe Bureau of the Treasury assured yesterday that the government will address the Supreme Court order to return the withholding taxes charged on anti-poverty bonds called Poverty Eradication and Alleviation Certificates (PEACe) bonds. National Treasurer Roberto B. Tan said they will discuss first the Supreme Court ruling with the Solicitor General and other concerned agencies before taking any action. In an en bank ruling dated October 5, the high court upheld its decision ordering the treasury to return P4.96 billion in withholding taxes that it erroneously charged on anti-poverty bonds. The Supreme Court also ordered the treasury to pay interest for failure to promptly reply with the court’s earlier ruling. The bonds attracted investor interest due to representation that it was exempted from the 20 percent final withholding tax.

Source: Manila Bulletin October 10, 2016 14:13 UTC