Top Withholding Agents



For Income Tax purposes, an operating lease is defined as a contract under which the asset is not wholly amortized during the primary period of the lease, and where the lessor does not rely solely on the rentals during the primary period for his profits, but looks for the recovery of the balance of his costs and for the rest of his profits from the sale or re-lease of the returned asset of the primary lease period.   "Finance lease" or full payout lease, on the other hand, is a contract involving payment over an obligatory period (also called primary or [...]

REVENUE MEMORANDUM CIRCULAR NO. 11-20242024-02-08T13:32:51+08:00

Revenue Memorandum Circular No. 70-2023


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 ( 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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