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Old Sep 18th 2016, 6:23 pm   #46
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Default Re: SRRV Retirement Visa

Hi Keith
I am certainly no expert on the tax system in Philippines, but as far as I know, you would only pay tax on any income earned within the country. I stand to be corrected by anybody who has more knowledge on this.
David
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Old Sep 19th 2016, 3:43 am   #47
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Default Re: SRRV Retirement Visa

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Originally Posted by keithg6nvc View Post
hello David
that is what I wanted to hear
so I presume the PRA fee every year for srrv is like tax paid on pension in Philippines ok david many thanks you have made my day
cheers keithg6nvc
keith,

ALL UK State Pensions are paid tax free as by law HMRC CANNOT deduct tax from them as the BASIC pension is below the tax free allowance. However if you have any other pensions classed as government pensions then these are also excluded from the UK/Philippines Double Taxation Treaty. The good news is that if you have any private pensions, then by filling in DTT individual and getting it certified by the BIR here, you can get these paid tax free. I'll use our situation as an example;
1. MYSELF. I have the State Pension, made up of the basic pension, SERPS, Graduated Pension plus a couple of oddities. I also have 2 small private pensions. I get the private pension paid tax free BUT as my State Pension is OVER the tax free limit I have to pay UK tax on it. As HMRC cannot deduct the tax I owe from my State Pension, they get one of my private pension suppliers to deduct it at source.
2 MY WIFE: She has a partial State Pension and a UK Teachers Pension. This is classed as a government pension and under the DTT both her pensions are excluded so she pays UK tax on all her pensions.

If you have an SRRV and work here, then yes, you should pay local tax on your local income.Don't forget to fill in P85 and send to HMRC when you have your moving date. If you want more detail please PM me.
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Old Sep 19th 2016, 1:44 pm   #48
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Default Re: SRRV Retirement Visa

[QUOTE=David Mashael;12055694]Hi Keith
I am certainly no expert on the tax system in Philippines, but as far as I know, you would only pay tax on any income earned within the country. I stand to be corrected by anybody who has more knowledge on this.
David
Thank you David
I just wanted to know that it was paid without deduction of tax
you have it that way so I hopefully will be the same
cheers now
keith
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Old Mar 29th 2017, 4:04 am   #49
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Default Re: SRRV Retirement Visa

Some Time Deposit banks are loosing their accreditation and members are being asked to move them to the following accredited banks only are allowed now.
Development Bank of the Philippines - Makati office only
Bank of China - Makati office only
Korean Exchange Bank - Makati office only
Banco De Oro - Cebu office only
Tong Yang Savings Bank
Union Bank of the Philippines
PNB

To be allowed to transfer the time deposit you must collect in person ( or through a register agent ) the transfer documents from PRA offices in Makati.

Brings back the memories of the Victorian times where everything was on paper in triplicate and we had boy runners

I have asked them to post or email it to me, shall revert with their answer if they can be bothered to reply.
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Old Mar 29th 2017, 4:18 am   #50
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Default Re: SRRV Retirement Visa

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Originally Posted by Stokkevn View Post
Some Time Deposit banks are loosing their accreditation and members are being asked to move them to the following accredited banks only are allowed now.
Development Bank of the Philippines - Makati office only
Bank of China - Makati office only
Korean Exchange Bank - Makati office only
Banco De Oro - Cebu office only
Tong Yang Savings Bank
Union Bank of the Philippines
PNB

To be allowed to transfer the time deposit you must collect in person ( or through a register agent ) the transfer documents from PRA offices in Makati.

Brings back the memories of the Victorian times where everything was on paper in triplicate and we had boy runners

I have asked them to post or email it to me, shall revert with their answer if they can be bothered to reply.
Thanks for this update. My deposit was with Landbank PRA account so should be OK. It is still victorian times here - loads of carbon paper copies, two or three staff signatures needed, loads of ID - that was this morning in BPI when withdrawing a large amount! Oh, and dot matrix printers everywhere!
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Old Mar 29th 2017, 10:06 am   #51
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Default Re: SRRV Retirement Visa

yes sad about tax on pensions but the Uk ruling is that pensions paid by the UK gov will have tax deducted at source. simply stated on the double taxation treaty you can download and read. only other way is to become a Filipino citizen ..want to do that??
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Old Mar 30th 2017, 9:21 am   #52
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Default Re: SRRV Retirement Visa

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yes sad about tax on pensions but the Uk ruling is that pensions paid by the UK gov will have tax deducted at source. simply stated on the double taxation treaty you can download and read. only other way is to become a Filipino citizen ..want to do that??
Well, it is VERY difficult, if not impossible to become a Filipino Citizen as an expat. No, I certainly do not want to go there! The tax rates here are much higher than the UK.
Tax Rate A. For Individuals Earning Purely Compensation Income and Individuals Engaged in Business and Practice of Profession
Amount of Net Taxable Income

P10,000 5%
P10,000-P30,000 P500 + 10% of the Excess over P10,000
P30,000-P70,000 P2,500 + 15% of the Excess over P30,000
P70,000-P140,000 P8,500 + 20% of the Excess over P70,000
P140,000-P250,000 P22,500 + 25% of the Excess over P140,000
P250,000-P500,000 P50,000 + 30% of the Excess over P250,000
P500,000 Plus P125,000 + 32% of the Excess over P500,000 in 2000 and onward

Oh, if you are in the USA and are registered with the IRS there, then you can get ALL pensions from UK paid gross and then pay local tax on them. Only 2 countries have this DTT agreement with the UK. Sorry can't remember the other and cannot be bothered to google it.
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Old Mar 30th 2017, 8:33 pm   #53
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Default Re: SRRV Retirement Visa

the Philippine BIR do not tax pensions and also if you are here with a SRRV then that excuses you from paying tax on your pension in the Philippines
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Old Mar 31st 2017, 4:21 am   #54
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Default Re: SRRV Retirement Visa

I believe that as we are resident and not citizens we do not get taxed on income or capital gains arising from OUTSIDE the Philippines.

Bringing in the proceeds by using an ATM card is also non taxable in the Philippines.

Should your income or capital gains arise in the Philippines you may subject to certain PEZA/SRRV exemptions be subject to taxation in the Philippines
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Old Mar 31st 2017, 4:36 am   #55
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Default Re: SRRV Retirement Visa

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I believe that as we are resident and not citizens we do not get taxed on income or capital gains arising from OUTSIDE the Philippines.

Bringing in the proceeds by using an ATM card is also non taxable in the Philippines.

Should your income or capital gains arise in the Philippines you may subject to certain PEZA/SRRV exemptions be subject to taxation in the Philippines
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Old Mar 31st 2017, 11:02 am   #56
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Default Re: SRRV Retirement Visa

should have proof read what i wrote the last line should be

Should your income or capital gains arise in the Philippines you may subject to taxation in the Philippines.

PEZA/SRRV exemptions may apply where taxation is not deducted from income earned in the Philippines which includes pensions sent direct
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Old Jun 15th 2017, 12:02 pm   #57
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Default Re: SRRV Retirement Visa

For those of you who are having to move your SRRV deposit from a non accredited bank. Just been and started that process with the bank that presently holds my deposit, 4 hours, 57 signatures and 113 pieces of paper later it is nearly done. Have yet to have the pleasure of same with new bank, just one hour and nothing done as they were reading the wrong bit of paper. Gave up and came home.
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Old Jul 31st 2017, 2:48 am   #58
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Default Re: SRRV Retirement Visa

there must be an easier way ?
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Old Jul 31st 2017, 2:57 am   #59
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Default Re: SRRV Retirement Visa

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there must be an easier way ?
There is, retire to Malaysia.
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Old Jul 31st 2017, 3:06 am   #60
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Default Re: SRRV Retirement Visa

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Originally Posted by Stokkevn View Post
For those of you who are having to move your SRRV deposit from a non accredited bank. Just been and started that process with the bank that presently holds my deposit, 4 hours, 57 signatures and 113 pieces of paper later it is nearly done. Have yet to have the pleasure of same with new bank, just one hour and nothing done as they were reading the wrong bit of paper. Gave up and came home.
Just an update, additional 3 hours in new bank, 41 signatures and 43 pieces of paper, then they got it wrong so had to return for another hour. Closing the old savings account was nearly 2 hours as no one could find the code which allowed them to close an account, plus another 8 pieces of paper and 11 signatures.

So to move 1 bank account and close a savings account it took 11 hours, 164 pieces of paper and 109 signatures. I love it when things go smoothly.
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