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Creditable Withholding Tax

REVENUE MEMORANDUM CIRCULAR NO. 19-2024

2024-02-15T15:20:43+08:00

The Table below shows the differences between the accounting treatment and current tax treatment on interest expenses.  Particulars  Accounting Treatment  Current Tax Treatment  Interest Expense on borrowing arrangements  Interest is recognized as an expense using the effective interest method. Interests incurred directly attributable to the acquisition of a qualifying asset are capitalized as part of the cost of the asset.  Interest can be claimed as a deduction, subject to certain limitations, provided all the criteria are met.    Interest incurred to acquire property used in trade, business or exercise of profession may be recognized as an expense in the year incurred [...]

REVENUE MEMORANDUM CIRCULAR NO. 19-20242024-02-15T15:20:43+08:00

Revenue Memorandum Circular No. 15-2024

2024-02-15T13:25:33+08:00

Prescribes the temporary use of BIR Form No. 0605 for the remittance of Creditable Withholding Tax (CWT) by Joint Ventures/Consortiums under Revenue Regulations (RR) No. 14-2023 while waiting for the finalization of the revised BIR Form No. 1601-EQ [Quarterly Remittance Return of Creditable Income Taxes (Expanded)], which shall include the additional Alphanumeric Tax Code (ATCs) for the different new CWT rates.  All concerned joint ventures/consortiums shall comply with the following procedures in remitting the CWT prescribed by RR No. 14-2023:  BIR Form No. 0605 (Payment Form) shall be accomplished using only the electronic Filing and Payment System (eFPs) or the eBIRForms [...]

Revenue Memorandum Circular No. 15-20242024-02-15T13:25:33+08:00

REVENUE MEMORANDUM CIRCULAR NO. 8-2024

2024-02-08T11:55:51+08:00

The Withholding Tax obligation of e-marketplace operator and DFSPs shall take effect after fifteen (15) days following the publication of RR No. 16-2023 in a newspaper of general circular or the Official Gazette, whichever comes first. RR No. 16-2023 was first published in Manila Bulletin on December 27, 2023. Thus, RR No. 16-2023 shall take effect on January 11, 2024.   The e-marketplace operators and DFSPs are allowed a period of ninety (90) days from the date of issuance of the Circular to comply with the relative policies or requirements of other government agencies, if any, and to give them an opportunity [...]

REVENUE MEMORANDUM CIRCULAR NO. 8-20242024-02-08T11:55:51+08:00

Revenue Memorandum Circular No. 70-2023

2023-07-12T12:35:46+08:00

The BIR issued the Revnue Memorandum Circular No. 70-2023 on June 22, 2023 circularizes the additional List of Top Withholding Agents (TWAs) for inclusion to and deletion from the existing List of TWAs required to deduct and remit either the one percent (1%) or two percent (2%) Creditable Withholding Tax (CWT) from the income payments to their suppliers of goods and services, respectively, pursuant to Revenue Regulations (RR) No. 31-2020. The said Lists are posted at the BIR's website (www.bir.gov.ph). Accordingly, the obligation to deduct and remit to the BIR the 1% and 2% CWT shall commence or cease, as the [...]

Revenue Memorandum Circular No. 70-20232023-07-12T12:35:46+08:00
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