Special InTAX: July 2021 Issue 2 | Volume 1

InTAX is an official publication of R.G. Manabat & Co.'s Tax Group

InTAX is an official publication of R.G. Manabat & Co.'s Tax Group

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Bureau of Internal Revenue

 

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 88-2021, 29 June 2021, to circularize the lists of top withholding agents (TWAs) required to deduct and remit the 1% or 2% creditable withholding tax (CWT) from their income payments for purchase of goods and services under the Revenue Regulations 31-2020. The lists of withholding agents are found in the BIR website.

Correspondingly, the obligation to deduct and remit the 1% or 2% CWT to the BIR shall continue, commence or cease, as the case may be, effective 1 August 2021.

Any taxpayer not found in the said list of TWAs are excluded and not required to deduct and remit the CWT. Any written request by the taxpayers as a separate documentary proof for being identified as TWAs, despite the publication in the newspaper of general circulation being deemed sufficient, shall be filed with the Revenue District Office and the corresponding Certification issued by its Revenue District Officer where the concerned withholding agent is duly registered.

 

Attached is the full text of the issuance.

Revenue Memorandum Circular No. 88-2021

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