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Tax Updates

Revenue regulation increasing withholding tax rates drafted by BIR

It has already became a part of our regular business process to withheld taxes on certain income payments to individuals and juridical persons as required by the Bureau of Internal Revenue (BIR). The laws and regulations covering withholding taxes has became too complex as it requires different rates on differing nature of goods and services and based on the tax status of the taxpayers. Furthermore, various amendments of the existing Revenue Regulations No. 2-98 has been issued making it difficult for the taxpayers to monitor which part of it are still applicable and which are modified or are already repealed.

Then here comes another amendment from the BIR which seemingly is intended to meet the BIR’s collection target. The BIR drafted a revenue regulation entitled “Amending Pertinent Provisions of Revenue Regulations No. 2-98, as Amended, Increasing the Withholding Tax Rates on Certain Income Payments and Amending the Manner of Submission of the Alphabetical List of Employees/Payees which are Required to be Attached in the Annual Information Returns (BIR Form Nos. 1604-CF and 1604-E)”

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About leecpa

Orlando Calundan is a Certified Public Accountant. He has exposures in audit of financial statements of entities in various industries such as real estate, food (quick service restaurants), manufacturing, service organizations and BPOs, automotive, holding/investment companies and more. He also has exposure on internal audit engagements. http://calundan.co

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