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Bureau of Internal Revenue Revenue Region 19 Davao City

Bureau of Internal Revenue Revenue Region 19 Davao City. Expanded Withholding Tax Update. Income payments made by the top 20,000 private corporations (before 10,000 corp.) Supplier of goods - 1% Supplier of services - 2% . Top 20,000 Corporation (RR 6-2009 dated 6-3-2009).

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Bureau of Internal Revenue Revenue Region 19 Davao City

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  1. Bureau of Internal RevenueRevenue Region 19Davao City Expanded Withholding Tax Update

  2. Income payments made by the top 20,000 private corporations (before 10,000 corp.) • Supplier of goods - 1% • Supplier of services - 2% Top 20,000 Corporation (RR 6-2009 dated 6-3-2009)

  3. For purchases involving agricultural products in their original state, the tax required to be withheld shall only apply to purchases in excess of the cumulative amount of P300,000.00 within the same taxable year. Top 20,000 Corporation (RR 6-2009 dated 6-3-2009)

  4. Illustration:

  5. In 2009 - not subject • In 2010 - P20,000 x 1% = P200.00 • In 2011 - P100,000 x 2% = P1,000 • In 2012 - not subject Amount of EWT:

  6. Agricultural Products in their original state shall only include: • corn • rice • coffee • coconut • cassava • fruits • copra • sugar cane • marine food products • vegetables • palay • poultry and livestocks Top 20,000 Corporation (RR 6-2009 dated 6-3-2009)

  7. Income payments made by the top 5,000 individual taxpayer to their local/resident supplier of goods/services including non-resident alien engaged in trade or business in the Phils. • Supplier of goods - 1% • Supplier of services - 2% Top 5,000 Individual Taxpayer (RR 6-2009)

  8. Criteria for Top 20k Corp. and Top 5k Individual Taxpayers: • Tax payments/payable of preceding year: • VAT - P100,000 • Income Tax - 200,000 • Percentage Tax - 100,000 • Excise Tax - 100,000 • Gross Sales of P10,000,000 and above • Gross Purchases of P5,000,000 and above • Duly notified in writing by the Commissioner

  9. Prescribing the use of the Updated Government Money Payment Chart Revenue Memorandum Circular No. 56-2009

  10. Filing & Payment of Tax Returns • Forms to be used: • 1601C – for withholding tax on wages • 1601E – for expanded withholding tax * • 1601F - For final taxes withheld * • 1603 - For Fringe Benefit Tax • 1600 - For government money payments * * To be filed with Monthly Alphalist of Payees (MAP) under RR 2-2006

  11. Filing & Payment of Tax Returns • Certificate to be issued to payees: • Form 2316 – for withholding tax on wages to be issued • not later than Jan. 31 of the following • year • Form 2304 – For income payment not subject to • withholding tax • Form 2307 – for creditable withholding tax at source • Form 2306 – for final withholding tax

  12. Sa Krisis Bayan Sagipin, Tamang Buwis Bayaran Natin!

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