On 4 September 2019, the Philippines House of Representatives approved House Bill (HB) No. 304, known as the Passive Income and Financial Intermediary Tax Act (PIFITA). The Bill is part of the country's ongoing tax reforms. One of the key aspects of the Bill is the unification of the tax rates on passive income, with a single rate of 15% imposed on interest income, dividends, and capital gains. In addition, the number of final withholding tax rates are reduced, with the single 15% rate impos…