AN ACT EXEMPTING THE BANK DEPOSITS OF SENIOR CITIZENS FROM THE 20% WITHHOLDING TAX ON INTEREST INCOME, AMENDING FOR THE PURPOSE OF THE REPUBLIC ACT NO. 7432

AN ACT EXEMPTING SAVINGS DEPOSITS AMOUNTING TO ONE HUNDRED THOUSAND PESOS OR LESS FROM WITHHOLDING TAX, AMENDING SECTION 21 (C) (1) OF THE NATIONAL INTERNAL REVENUE CODE, THEREBY, AND FOR OTHER PURPOSES

AN ACT EXEMPTING THE BANK DEPOSITS OF SENIOR CITIZENS FROM THE TWENTY PERCENT (20%) WITHHOLDING TAX ON INTEREST INCOME, AMENDING REPUBLIC ACT NO. 7432