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Tax on Interest Income

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1 Tax on Interest Income on Fri Dec 27, 2013 10:04 am

roderickmorante


Arresto Menor
Hi Maam/Sir,

I am Roderick Morante 22 years old living at Antiplolo city and i have a research study can you help me??


Problem: Ms. X borrowed money to Mr. A an amount of 9M. Ms. X didn’t pay her obligation to Mr. A for 3 years that makes her debt to become 18M because of the interest of 9M occurred for 3 years. However because of the foreclosure of the property of Ms. X she able to auction her property and the highest bidder is also the creditor which is Mr. A. There is no payment happened for the property but obligation of Ms. X was been cancelled. The question is, Is Mr. A should file his interest income to BIR for 2013? Even though he hadn’t received any payment for Ms X for her debt. Can Mr A pay his tax for next year? Thank you for your response in advance.



Thank you and Godbless,

Roderick Morante

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2 Re: Tax on Interest Income on Fri Dec 27, 2013 6:38 pm

attyLLL


moderator
through compensation he already earned interest.


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