Central Banking

House and BSP agree on taxable income

The Philippines Bangko Sentral has reached an "agreement in principle" with the House of Representatives over its taxation status in the Revised Central Bank Act currently being deliberated on by Congress.

Under the agreement, the Bangko Sentral will continue to pay the regular rate on corporate income taxes in exchange for a tax-exempt status on its open market operations. Open market operations refer to the central bank's buying and selling of securities to and from the market to control the

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