The Department of Finance has released updated guidance on withholding tax – Revenue Regulations (RR) No. 2-2015. The regulation amends previous rules regarding the process of submitting withholding tax forms to the Bureau of Internal Revenue (BIR). According to this regulation, the procedure outlined in RR 2-2015 is compulsory for taxpayers registered with the Large Taxpayers Service of the BIR and optional for other taxpayers.
Related Posts
Philippines proposes VAT rules for digital services
November 25, 2024
The Philippines Bureau of Internal Revenue (BIR) has released draft revenue regulations on 8 November 2024 to implement the Republic Act No. 12023. This act introduces a 12% VAT on all digital services used in the Philippines, including those
Read More
Philippines streamlines tax treaty rules for government securities
November 15, 2024
The Philippines Bureau of the Treasury (BTr) announced in a press release on 5 November 2024 the implementation of a streamlined tax treaty procedure for non-resident investors in Government Securities (GS). This initiative is part of the
Read More Philippines: Senate approves VAT refunds for tourists
November 11, 2024
The Philippines Senate has approved Senate Bill No. 2415 or An Act Creating a Vat Refund Mechanism for Non-Resident Tourists, on 23 September 2024, which permits nonresident tourists to apply for refunds on value-added tax (VAT). The Senate
Read More Philippines reduces corporate income tax rates, provides additional fiscal incentives for qualifying companies
November 11, 2024
Philippine President Ferdinand Marcos Jr. enacted the law “Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act” on 11 November 2024, reducing corporate income tax rates
Read More Philippines offers tax incentives to British investors under CREATE Act
November 06, 2024
The Philippines Department of Finance has published a press release about a recent event in London clarifying various tax incentives for British investors. The Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for
Read More EU, Philippines begin first round of FTA talks
November 05, 2024
The European Commission announced on 25 October 2024 that the initial negotiations for a free trade agreement (FTA) between the European Union and the Philippines were held in Brussels from 14 to 18 October 2024. A follow-up round is set for
Read More