Meanwhile, non-interest income was reported at P29.6 billion, consisting of P8.9 billion in service charges and commissions, P3.2 billion from trading and forex gains, and miscellaneous income
of P17.5 billion.
Income realized on exercise of the nonstatutory stock options would he reportable by Y to B on Form 1099-MISC, Miscellaneous Income
, in Box 3, Other income, with the income tax withheld reported in Box 4, Federal income tax withheld.
Interest income increased to P34.7 billion from P28.42 billion in 2015, while miscellaneous income
amounted P22.43 billion, up from P14.77 billion a year ago.
Total fee-based and miscellaneous income
continued to be a major source of revenues reaching P3.13 billion, accounting for 20 percent of gross income.
The employer must issue Form 1099-MISC, Miscellaneous Income
, to report the income realized on the exercise of NQSOs or the payments to the nonemployee spouse from nonqualified deferred compensation plans and the income tax withheld.
Higher miscellaneous income
continued to augment the bank's revenue primarily from the collection of nonperforming loans and a one-time gain from the sale of PNB's 51 percent stake in its life insurance subsidiary.
Interest income dropped to P29.87 billion from the previous year's P37.53 billion while miscellaneous income
was steady at P23.17 billion.
The Service has revised the instructions to Form 1099-MISC, Miscellaneous Income
, for calendar-year 2003 payments in lieu of dividends.
This was driven by higher foreign exchange and trading gains as well as miscellaneous income
Although generally, payments made to corporations are not subject to information reporting (usually made via Form 1099-MISC, Miscellaneous Income
Interest income increased to P31.22 billion from P24.67 billion in 2015, while miscellaneous income
amounted P20.36 billion, up from P14.34 billion a year ago.
Form 1099-MISC, Miscellaneous Income
, is the most widely used information reporting form.