Withholding tax, in a nutshell, is the income tax liability deducted by the withholding agent from every working person’s salary. Taxpayers pay their income tax annually using BIR Form 1701 or quarterly using BIR Form 1701Q. When it comes to withholding tax, they don’t have to wait until...
BIR TIGHTENS WITHHOLDING TAX RULE ON AGRICULTURE PURCHASESSamonte, Angelo S
In the Vendor Maintenance Options window, select Miscellaneous in the Tax Type field. Box 7 will default in for the 1099 Box, so change accordingly if needed. Select OK. In the Vendor Maintenance window, select Save.Enter transactions and withholding amounts...
BIR Ruling Excluding Long-Term IOUs from 20% Withholding Tax LaudedThe Money Market Association of the Philippines (MART) welcomed the new ruling of the Bureau of...Sionil, Fil C
The Manila Electric Company (Meralco) is still awaiting implementing guidelines from the Bureau of Internal Revenue (BIR) on mandate for it to withhold a 25 percent creditable income tax on refunds to its commercial and industrial customers; and 32 percent for those which are already terminated ...