Furthermore, in order to discourage the outflow of foreign currency through bank channels, the government has revised the withholding tax on Debit and Credit Card transactions. The existing withholding tax, previously set at 1%, has now been increased to 5%. This measure aims to discourage excessive use of foreign currency transactions and promote the use of local currency within the country. However, for non-filers, individuals who have not filed their tax returns, the tax ratio will be even higher, set at 10%.
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