An employee who is not qualified for substituted filing of Income Tax Return is not required to either use BIR Form No. 1700 (for purely compensation income earner) or BIR Form No. 1701 (for self-employed or mixed income earner). The responsibility of the employer is to provide the employee with BIR Form Np. 2316 (Certificate…
Continue ReadingWhat form shall be used by an employee who is not qualified for substituted filing and what is the responsibility of the employer?
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Is an employee with a lone employer within a year out is receiving retirement pension qualified for substituted filing of the annual income tax return (AITR)?
Yes, the employee with a lone employer is still qualified to avail of the substituted filing of AITR provided the income tax has been withheld correctly. The retirement pension is not taxable.
Continue ReadingWhat withholding tax certificate shall be issued to individuals under Job Order or contract of service arrangements?
The tax being withheld from an individual under Job order or Contract of Service arrangement is a creditable withholding tax; thus, the Certification that shall be issued by the withholding agent shall be BIR Form 2307.
Continue ReadingAre the individuals with the consecutive employers qualified to avail of the substituted filing of annual Income Tax Return (AITR) if the latest employer will consolidate income of the individual from previous employment to the current employment income and the entire income is subjected to the year-end adjustment wherein the tax due is computed prior to the payment of the last compensation for the year?
Based on existing policy, individuals with consecutive employers are not qualified to avail of thee substituted filing of AITR. Hence, they are required to file an AITR.
Continue ReadingWhat shall be the treatment of the withheld taxes remitted using the old BIR Forms Nos. 1601-E, 1601-F and 0605 for the first two (2) months of the quarter?
The payments shall be deducted from the taxes due to be remitted for the entire quarter.
Continue Reading. Can you provide a guide for individual taxpayers on the taxability of their earned income from business and/or practice of profession, and for withholding agents/payers on the treatment of income payments if the payee is under the graduated IT rates; if payee is qualified and opted for the 8% IT rage; if subject or not to withholding taxes (WT)?
What is the applicable withholding tax on income payments made to self-employed professionals who failed to submit their sworn declaration to the payer?
The applicable withholding tax rate for self-employed professionals who failed to submit sworn declaration to the payer is 10% for income tax. Moreover, if the payer is a government entity, the same income payment is also subject to either 3% percentage tax or 5% withholding Vat, whichever is applicable.
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when they are checking whether your business is complying with its Tax obligations,