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.
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