An individual who is employed locally is subject to withholding tax using the withholding tax table compensation.
Continue ReadingWhat is the withholding tax applicable to a diplomat’s wife who is locally employed?
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Is the Affidavit of Declaration of Gross Income no longer required for non-individuals in relation to the P720,000.00 threshold?
It is still required under the existing rules and regulations and was not part of the amendments under the TRAIN Act.
Continue ReadingWhat happens when Annex B-2 is submitted beyond the deadline of April 20, 2018?
If the sworn declaration was only submitted by the income payee to the payer after the deadline of April 20, 2-18, the payee’s excess tax withheld, if any, prior to the approval of RR 11-2018, shall not be refunded by the income payer. The payee’s executed sworn declaration shall only be applied by the withholding…
Continue ReadingWill the withholding tax rates to be used for doctors/consultant who submitted sworn declaration and signified to be taxed at 8% income tax rate differ from those opted the graduated income tax?
No. The withholding tax rate for doctors/consultants who submitted the sworn declaration (Annex B-2 of RR 11-2018) shall be 5%, regardless of whether they are availing of the 8% income tax or the graduated income tax rates. If the income payer/withholding agent, however, is a government entity, it shall also withhold business tax if the…
Continue ReadingAre individual contractors also subject to the creditable expanded withholding tax?
Yes, they are still subject to the creditable expanded withholding tax at the same withholding tax rate of 2%.
Continue ReadingIs a general professional partnership (GPP) subject to the creditable expanded withholding tax?
No, a GPP is not a subject to income tax and this, not subject to the creditable expanded withholding tax. However, it is subject to the applicable business tax. Further, the partners of the GPP is subject to income tax and to the applicable withholding tax.
Continue ReadingWhat is the applicable withholding tax rate for director’s fees?
If the director receiving the director’s fees is also an employee of the same entity, the fees shall form part of the compensation subject to withholding tax on compensation. However, if the director is not an employee of the income payer then the subject taxpayer is considered a professional subject to the creditable expanded…
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when they are checking whether your business is complying with its Tax obligations,