Guidance concerning tax withholding by agents, other measures

The Bureau of Internal Revenue issued recent tax guidance

The Bureau of Internal Revenue issued recent tax guidance

The Bureau of Internal Revenue has issued the following guidance:

  • Revenue Memorandum Circular No. 27-2022 (16 March 2022) publishes a list of additional “top withholding agents” required to deduct and remit the 1% or 2% creditable withholding tax for the purchase of goods and services in view of the new prescribed criteria set forth under Revenue Regulations No. 31-2020 in identifying the top withholding agents of each revenue district office. The obligation of the additional top withholding agents to deduct and remit the 1% or 2% creditable withholding tax begins 1 April 2022.
  • Revenue Memorandum Circular No. 28-2022 (16 March 2022) provides information and guidance regarding the requirement to submit the “Certificate of Entitlement to Tax Incentives,” as an attachment to the annual income tax return of registered business enterprises. 

Read a March 2022 report prepared by the KPMG member firm in the Philippines

 

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