INCOME TAX

Tax Advisory Services

Academy of Quality Training
Alas, Oplas, & Co., CPAs
 TO KNOW AND UNDERSTAND THE TRAIN LAW, ITS EFFECTS
AND APPLICATION THROUGH REVENUE REGULATION NO. 8-
2018.
 Comparison of Income Tax Table for Individuals – OLD vs. NEW
 Discussion of the New Optional 8% Tax on Gross
Receipts/Sales for Purely Self-Employed/Professionals
 Application of the New Withholding Tax Table for
Compensation through RMC No. 105-2017 & 1-2018
 New Tax Rates of Certain Passive Income
 Discussion of the Preferential Tax Rates for Alien Employee/s
under ROHQ, RHQ, OBUs and Petroleum Service Contractors
 New Fringe Benefit Tax Rate
 New in application of Optional Standard Deduction (OSD)
 Form and date of filing an Income Tax Return
 New deadlines in filing withholding tax returns
Not over ₱10,000 - 5%
Over ₱10,000 but not over
₱500 10% of excess over ₱10,000
₱30,000
Over ₱30,000 but not over
₱2,500 15% of the excess over ₱30,000
₱70,000
Over ₱70,000 but not over 20% of the excess of over
₱8,500
₱140,000 ₱70,000
Over ₱140,000 but not over 25% of the excess over
₱22,500
₱250,000 ₱140,000
Over ₱250,000 but not over 30% of the excess over
₱50,000
₱500,000 ₱250,000
32% of the excess over
Over ₱500,000 ₱125,000
₱500,000
Not over ₱250,000 - 0%

Over ₱250,000 but not over

- 20% of excess over ₱250,000
₱400,000

Over ₱400,000 but not over

₱30,000 25% of the excess over ₱400,000
₱800,000

Over ₱800,000 but not over

₱130,000 30% of the excess of over ₱800,000
₱2,000,000

Over ₱2,000,000 but not

₱490,000 32% of the excess over ₱2,000,000
over ₱8,000,000

Over ₱8,000,000 ₱2,140,000 35% of the excess over ₱8,000,000

Annual Income with 4 NIRC of 1997, as TRAIN
Children amended (2018-2022)

250,000 14,500.00 -

400,000 50,000.00 30,000.00

416,670 55,001.00 34,167.50

535,700 90,710.00 63,925.00

1,000,000 237,000.00 190,000.00

3,000,000 877,000.00 810,000.00

10,000,000 3,117,000.00 3,110,000.00

Not over ₱250,000 - 0%

Over ₱250,000 but not over

- 15% of excess over ₱250,000
₱400,000

Over ₱400,000 but not over

₱22,500 20% of the excess over ₱400,000
₱800,000

Over ₱800,000 but not over

₱102,500 25% of the excess of over ₱800,000
₱2,000,000

Over ₱2,000,000 but not

₱402,500 30% of the excess over ₱2,000,000
over ₱8,000,000

Over ₱8,000,000 ₱2,202,500 35% of the excess over ₱8,000,000

Annual Income NIRC of 1997, as TRAIN
with 4 Children amended (2018-2022) 2023 onwards

250,000 12,500.00 - -

400,000 50,000.00 30,000.00 22,500.00

416,670 55,001.00 34,167.50 25,834.00

535,700 90,710.00 63,925.00 49,640.00

1,000,000 237,000.00 190,000.00 152,500.00

3,000,000 877,000.00 810,000.00 702,500.00

10,000,000 3,117,000.00 3,110,000.00 2,902,500.00

 Minimum Wage NIRC of 1997, as
TRAIN
Earner (MWE) amended

Exempt Compensation Basic Salary Basic Salary

Holiday Pay Holiday Pay
Overtime Pay Overtime Pay
Night Shift Differential Night Shift Differential
Hazard Pay Hazard Pay
Ms. Echiverri has a basic annual compensation of ₱135,000 and
additional pay of ₱140,000 which consist of the overtime pay,
night shift differential, hazard pay and holiday pay. In addition,
has a SSS, PHIC, & HDMF contribution totaling ₱5,000 and 13th
month pay of ₱11,000.

Computation
Total Compensation 135,000
Add: Overtime, NSD, Hazard &
Holiday Pay 140,000
Total Income 275,000
Less: Mandatory contributions 5,000
Non-taxable benefits 11,000 (16,000)
Net taxable income 259,000
Tax Due EXEMPT
 Taxpayer is tax exempt as an MWE.
 The statutory minimum wage as well as the holiday pay,
overtime pay, night shift differential pay and hazard pay
received by such MWE are specifically exempted from income
tax under law.
A. Life insurance  Prizes and Awards
 Prizes and Awards in sports
B. Amount received by Competition
Insured as Return of
Premiums  13th month Pay and Other
Benefits
C. Gifts, Bequests, and
Devices H. GSIS, SSS, Medicare and
Other Contributions
D. Compensation for Injuries
or Sickness I. Gains from sale of bonds,
debentures or other
E. Income Exempt under Certificate of
Treaty Indebtedness with a
maturity of >5years
F. Retirement Benefits,
Pensions, Gratuities, etc. J. Gains from Redemption of
Shares in Mutual Fund
G. Miscellaneous Items
 Income derived by Foreign
Government
 Income derived by the
Government or its Political
Subdivisions
 NIRC of 1997, as
Exemptions TRAIN
amended

Personal Exemption ₱50,000 None

Qualified Additional
₱25,000 None
Exemption (max. 4)
 Exclusion from NIRC of 1997, as
TRAIN
Gross Income amended

13th Month Pay and Total exclusion shall Total exclusion shall
Other Benefits. not exceed P82,000 not exceed ₱90,000

Which shall cover:

i. Benefits received by officials and employees of the national and
local government pursuant to Republic Act No. 6686;

ii. Benefits received by employees pursuant to Presidential Decree No.

851, as amended by Memorandum Order No. 28, dated August 13,
1986;

iii. Benefits received by officials and employees not covered by

Presidential Decree No. 851, as amended by Memorandum Order
No. 28, dated August 13, 1986; and

iv. Other benefits such as productivity incentives and Christmas bonus.

 Section 24 (A)(2)(b)
 Self-employed individuals and/or professionals shall have the
option to avail of an eight percent (8%) tax on gross sales or
receipts and other non-operating income in excess of Two
hundred fifty thousand pesos (₱250,000) in lieu of the
graduated income tax rates under Subsection (A)(2)(a) and the
percentage tax under Section 116 of this Code.
 Applicable only if the taxpayer are of the following:
 Did not exceed the VAT threshold amounting to ₱3,000,000 under
Section 109 (BB) during the availment of the 8%; and
 Not specifically subjected to Other Percentage Tax under Title V of
the Tax Code, except Section 116.
 General Professional Partnership (GPP) cannot avail the 8%
income tax rate.
 The first ₱3,000,000 shall be subjected to 3% percentage tax
which collection shall not be subjected to penalty, if timely paid
on the due date immediately following the month/quarter when
the taxpayer ceases to be a non-VAT.
 Excess of ₱3,000,000 shall be subjected to VAT without
imposition of any penalty if payment is timely made on the
following month when the threshold was breached. VAT shall
be imposed prospectively.
 The 8% income tax paid previously paid shall be credited
against to the Income Tax Due.
 Taxpayer is required to update his registration from non-VAT to
VAT taxpayer.
Mr. Calisto had a small store while engaging with auditing
services to his clients. In 2018, his gross sales amounted to
₱100,000, in addition to his receipts from auditing services of
₱900,000. He signifies his intention to avail the 8% income tax
rate on his 1st quarter income tax return.
His income tax liability for the year will be computed as follows:

Gross Sales - Store 100,000

Gross Receipt – Audit Services 900,000
Total Sales/Receipts 1,000,000
Less: Amount allowed as deduction under Sec.
24(A)(2)(b) (250,000)
Taxable Income 750,000

Tax Due (8% of P750,000) 60,0000

 Section 24 (A)(2)(c)
 Taxpayers earning both compensation income and income
from business or practice of profession shall be subject to the
following taxes:
(1) All income from compensation – The rates prescribed under
Subsection (A)(2)(a) of this Section.
(2) All income from Business or Practice of Profession –
a. Not exceed VAT threshold - 8% income tax based on the gross sales or
receipts and other non-operating income in lieu of the graduated
income tax and percentage tax; or
b. Exceed VAT threshold - Graduated Income Tax

 Allowed deduction of ₱250,000 is only for Purely Self-

Employed/Professionals.
Mr. Calisto is employed as accountant of a Company with
₱500,000 annual compensation inclusive of 13th month and other
benefits amounting of P115,000 but net of government
contribution (SSS, PHIC, HDMF). He also owns a store with gross
sales of ₱1,500,000 with cost of sales of ₱300,000 and operating
expense of ₱250,000 and other income of ₱100,000.
His income tax liability for the year will be computed as follows:
ON COMPENSATION
Total Annual Compensation 500,000
Less: Non-taxable 13th month pay and other benefits (90,000)
[P115,000 – P90,000 = P25,000 (taxable benefit)]
Taxable Compensation 410,000
Income Tax:
On P400,000 30,000
25% on excess of P400,000 (25% x P10,000) 2,500
Total Income Tax Due on Compensation 32,500
ON BUSINESS
Gross Sales 1,500,000
Non-operating income 100,000
Taxable Business Income 1,600,000
Optional income tax rate 8%
Income Tax Due on Business 128,000

TOTAL INCOME TAX DUE

Tax due on Compensation 32,500
Tax due on Business 128,000
Total Income Tax Due 160,500
In 2018, Mr. Calisto is employed as clerk accountant of a
Company with ₱350,000 annual compensation inclusive of 13th
month and other benefits amounting of ₱82,000 but net of
government contribution (SSS, PHIC, HDMF). He also owns a
transport service earning a gross revenue of P900,000 with cost
of service of ₱260,000 and operating expense of ₱150,000.

He considers availing the 8% optional income tax rate. Under the

TRAIN Law, how should his income tax computed? Is there any
other taxes he should pay?
ON COMPENSATION AND BUSINESS
Annual Compensation 350,000
Less: Non-taxable 13th month pay and other benefits (82,000)
[P82,000 – P90,000 = (P8,000) did not exceed ceiling]
268,000
Gross Receipts – Transport Service 900,000
Cost of Service (260,000)
Gross Income 640,000
Operating Expense (150,000) 490,000
Taxable Income 758,000
Income Tax:
On P400,000 30,000
25% on excess of P400,000 (25% x P358,000) 89,500
TOTAL INCOME TAX DUE 119,500
CIRCUMSTANCES OF THE TAXPAYER:

1. Mr. Calisto cannot fully utilize the ₱90,000 ceiling for income tax
computation on compensation since his maximum 13th month and
other benefits is only ₱82,000.

2. He cannot also utilize the allowable deduction of ₱250,000 for his

business income since he is not classified as purely self-
employed/professional.

3. He cannot avail the 8% income tax rate due to the nature of his
business, a transport service, which is not qualified under Section 116
of the Tax Code. That is because it is specifically subject to Other
Percentage Tax under Section 117 of the Tax Code, therefore, subject
to graduated income tax and other percentage tax.
 TRAIN
Annual Income NIRC of 1997, as
Graduated
with 4 Children amended 8%
(2018-2022) 2023 onwards

250,000 12,500.00 - - -

400,000 50,000.00 30,000.00 22,500.00 12,000.00

416,670 55,001.00 34,167.50 25,834.00 13,333.60

535,700 90,710.00 63,925.00 49,640.00 22,856.00

1,000,000 237,000.00 190,000.00 152,500.00 60,000.00

3,000,000 877,000.00 810,000.00 702,500.00 220,000.00

10,000,000 3,117,000.00 3,110,000.00 2,902,500.00 Breached

 New Tax Table were released on December 29, 2017 under
Revenue Memorandum Circular (RMC) No. 105-2018.
 RMC No. 1-2018 improves the withholding tax table, version 2,
and provides guidance on applying the same.
 Objectives:
 To provide steps on how to use the revised Withholding Tax Table
on Compensation; and
 To advise on the change in the Creditable Withholding Tax Rate on
Income Payments to Self-employed Individuals or Professionals.
DAILY 1 2 3 4 5 6
Compensation ₱685 and ₱685 – ₱1,096 – ₱2,192 – ₱5,479 – ₱21, 918
Range below ₱1,095 ₱2,191 ₱5,478 ₱21,917 and above
₱1,342.47 ₱6,602.74
₱82.19 + ₱356.16 +
Prescribed 0.00 + 20% + 32% + 35%
0.00 25% over 30% over
Withholding Tax over ₱685 over over
₱1,096 ₱2,192
₱5,479 ₱21,918
WEEKLY 1 2 3 4 5 6
₱4,808
Compensation ₱4,808 – ₱7,692 – ₱15,385 – ₱38,462 – ₱153,846
and
Range ₱7,691 ₱15,384 ₱38,461 ₱153,845 and above
below
₱9,423.08 ₱46,346.15
₱576.92 + ₱2,500 +
Prescribed 0.00 + 20% + 32% + 35%
0.00 25% over 30% over
Withholding Tax over ₱4,808 over over
₱7,692 ₱15,385
₱38,462 ₱153,846
SEMI-
1 2 3 4 5 6
MONTHLY
Compensation ₱10,417 ₱10,417 – ₱16,667 – ₱33,333 – ₱83,333 – ₱333,333
Range and below ₱16,666 ₱33,332 ₱83,332 ₱333,332 and above
₱5,416.67
Prescribed 0.00 + ₱1,250 ₱20,416.67 ₱100,416.67
+ 30%
Withholding 0.00 20% over +25% over + 32% over + 35% over
over
Tax ₱10,417 ₱16,667 ₱83,333 ₱333,333
₱33,333
MONTHLY 1 2 3 4 5 6
Compensation ₱20,833 ₱20,833 – ₱33,333 – ₱66,667 – ₱166,667 – ₱666,667
Range and below ₱33,332 ₱66,666 ₱166,666 ₱666,666 and above
₱10,833.33
Prescribed 0.00 + ₱2,500 + ₱40,833.33 ₱200,833.33
+ 30%
Withholding 0.00 20% over 25% over + 32% over + 35% over
over
Tax ₱20,833 ₱33,333 ₱166,667 ₱666,667
₱66,667
1) Determine the total amount of monetary and non-monetary
compensation paid to an employee for the payroll period:
monthly, semi-monthly, weekly or daily, as the case may be,
segregating non-taxable benefits and mandatory
contributions.
2) Use the appropriate table for the applicable payroll period.
3) Determine the compensation range of the employee and
apply the applicable tax rates prescribed thereon.
4) Compute the withholding tax due by adding the tax
predetermined in the compensation range indicated on the
column used and the tax on the excess of the total
compensation over the minimum of the compensation range.
 An employee receiving monthly compensation in the amount of
₱150,000.00 with supplemental compensation in the amount of
₱12,000.00 net of mandatory contributions.

Regular compensation 150,000

Less: Compensation Range (66,667)
Excess 83,333
Add: Supplemental Compensation 12,000
Total Taxable compensation for the month 95,333
Withholding Income Tax Computation:
On P66,667 10,833.33
30% on excess of P66,667 including supplemental compensation 28,599.90
Total monthly withholding tax 39,433.23
 NIRC of 1997 TRAIN
Nature of Income Payments
(RR No. 2-98, as amended) (RMC No. 1-2018)
Professional fees, talent fees,
commissions, etc. for services 10% or 15%
rendered by individuals

Income distribution to
beneficiaries of Estates and 15%
Trusts

Income Payments to certain

brokers and agents
10%

Income Payments to partners of

8%
general professional 10% or 15%
partnership

Professional fees paid to

medical practitioners
10% or 15%

Commission of independents
and/or exclusive sales
representatives, and marketing
10%
agents of companies
 NIRC of 1997, as
Passive Income TRAIN
amended

Philippine Charity
20% Final Tax on winnings
Sweepstakes Office Exempt from 20% Final Tax
exceeding ₱10,000
(PCSO) and Lotto Winnings

Interest Income from a

15% Final Tax
depository bank under the
7.5% Final Tax (except non-resident
expanded foreign
individual & NRFC)
currency deposit system

Capitals gains from sale of

5% on the 1st ₱100,000
stock not traded in the 15% flat rate
10% in excess thereof
local stock exchange
 Sec. 25 (F)
 The preferential tax treatment for alien employees employed under
the following entities are can no longer enjoy the preferential tax
rate of 15%:
 Regional Headquarters;
 Regional Operating Headquarters;
 Offshore Banking Units; and
 Petroleum Service Contractor and Subcontractor

 May claim the 13th month ceiling of ₱90,000

 The President of the Philippines veto the following provision of the
law pertinent to the above discussion:
“Provided, however, That existing RHQs/ROHQs, OBUs or petroleum
service contractors and subcontractors presently availing of
preferential tax rates for qualified employees shall continue to be
entitled to avail of the preferential tax rate for present and future
qualified employees.”
 NIRC of 1997, as
Fringe Benefit given to: TRAIN
amended
Employee other than rank
and file under subject to 32% of the GMV 35% of the GMV
Section 24 (A)(2)
Employee other than rank
and file under subject to
25% of the GMV 25% of the GMV
Section 25 (B)

Employee other than rank

and file under subject to
15% of the GMV 35% of the GMV
Section 25 (C), (D) & (E)

GMV = Gross Monetary Value

 Option of the taxpayer: Itemized Deduction or Optional Standard
Deduction (OSD)
 OSD is 40% of the “GROSS SALES/RECEIPTS”
 Not applicable on the following individuals:
 Earning compensation arising from employee-employer relationship;
 Those who opted 8% income tax rate.

 The election of OSD should be made on the first (1st) quarter

income tax return or the initial quarter of the taxable year after the
commencement of a new business/practice of profession.
 It should be applied consistently on a quarterly basis.
 Once opted, it will be irrevocable for the whole taxable year only.
 Individual who claimed OSD shall not be required to submit with
the tax return such Financial Statements, otherwise required under
the Tax Code.
Ms. Echiverri is an Independent CPA practitioner who offers
audit and assurance services. Her total gross receipts amounted
to ₱4,500,000 for taxable year 2018. The related cost of service
and operating expenses were ₱2,150,000 and ₱1,000,000,
respectively. Moreover, she opted Optional Standard Deduction
(OSD).

How should the net taxable income computed? What are the
circumstances of the taxpayer?
OSD will be computed as follows:
Gross Receipts – Auditing & Assurance ₱4,500,000
Multiply by OSD Rate 40%
OSD ₱1,800,000

Gross Receipts – Auditing & Assurance ₱4,500,000

Less: OSD (1,800,000)
Net Taxable Income ₱2,700,000

Income tax liability will be computed as follows:

On ₱2,000,000 ₱490,000
On Excess (₱2,550,000 - ₱2,000,000) x 32% 224,000
Income Tax Due ₱714,000
Circumstances of the taxpayer:
 The individual taxpayer elected OSD in the computation of her
taxable income and the election is irrevocable for the year for
which the return was made.
 Taxpayer is not required to submit her financial statements with
his tax return.
 The gross receipts exceeded the VAT threshold of ₱3,000,000
thus, the taxpayer is subject to the graduated income tax rates
and liable for VAT, in addition to income tax.
 Section 34 (L)
 Inclusion in the provision of the paragraph below:

Provided, further, That a general professional

partnership and the partners comprising such
partnership may avail of the optional standard
deduction only once, either by the general
professional partnership or the partners comprising
the partnership
 Non-VAT taxpayer opted for 8% should file Application for
Registration Information Update to remove the registered tax
type of percentage tax.
 In case the taxpayer unable to update, he/she still be required
to file zero return with a notation that he/she is availing of the
8% income tax rate option.
 If exceeded the VAT threshold:
 The taxpayer must updated his/her registration within the month
following the month he/she exceeded the VAT threshold;
 Liable to VAT prospectively starting on the first day of the month
following the month when the threshold is breached.
 Liable to percentage tax from the beginning of the taxable year or
commencement of business/practice of profession until the of
breach, without imposition of penalty if timely paid on the
immediately succeeding month/quarter.
 NIRC of 1997, as amended TRAIN

Individual 1. Gross income does not 1. Taxable income does not

required to file an exceed his total personal exceed P250,000;
income tax and additional exemptions 2. Earning purely
return. for dependents; compensation with only one
2. Earning purely employer;
compensation with only one 3. Sole income has been
employer; subjected to final
3. Sole income has been withholding; and
subjected to final 4. Minimum wage earner or
withholding; and exempt person under the
4. Minimum wage earner or tax code and other laws.
exempt person under the tax
code and other laws.
 TRAIN

Component of Income The income tax return (ITR) shall consist of a maximum of
Tax Return four (4) pages in paper form or electronic form, and shall
only contain the following:

(A)Personal profile and information;

(B) Total gross sales, receipts, or income from

compensation for services rendered, conduct or trade
or business or the exercise of a profession, except
income subject to final tax as provided under this Code;

(C)Allowable deductions under this Code;

(D)Taxable income as defined in Section 31 of this Code;

and

(E) Income tax due and payable.

 NIRC of 1997,
TRAIN
as amended
Section 51-A Individual taxpayers receiving purely compensation
income, regardless of amount, from only one
Substitute Filing of employer in the Philippines for the calendar year,
Income Tax Returns the income tax of which has been withheld correctly
by Employees by the said employer (tax due equals tax withheld)
Receiving Purely shall not be required to file an annual income tax
Compensation None return.
Income
The certificate of withholding filed by the respective
employers, duly stamped “received” by the BIR, shall
be tantamount to the substituted filing of income tax
returns by said employees.
 NIRC of 1997, as
TRAIN
amended
1st installment – at the 1st installment – at the
time of the filing of the time of the filing of the
Section 56 (A)(2) return return

Two (2) equal

Installment Payment of 2nd installment - on or 2nd installment - on or
Income Tax Due before July 15 following before October 15
exceeding P2,000 the close of the calendar following the close of
year. the calendar year.
 NIRC of 1997, as
TRAIN
amended

Section 74 (A) File a declaration of his File a declaration of his

estimated income for the estimated income for the
Declaration of Income Tax current taxable year on or current taxable year on or
for Individuals before April 15 of the same before May 15 of the same
taxable year. taxable year.
(Deadline of Quarterly
Income Tax Return)
Section 74 (B) Return and Payment of Estimated Income Tax by Individuals –
The amount of estimated income as defined in Subsection (C)….xxx

Section 74 (C) Definition of Estimated Tax. –

In case of an individual, the term “estimated tax” means the amount which the
individuals declared as income tax in his final adjusted and annual income tax
return for the preceding taxable year minus the sum of the credits allowed
under this Title against tax…xxx
 NIRC of 1997, as amended TRAIN
Section 74 (B) The amount of estimated income as defined in Subsection (C) with
respect to which a declaration is required under Subsection (A)
Return and shall be paid in (4) installments.
Payment of
Estimated
Income Tax by 1st installment – at the time of 1st installment – at the time of
Individuals declaration declaration

2nd installment – on August 15 2nd installment – on August 15

3rd installment – on November

3rd installment – on November 15
15

4th installment (final) - on or 4th installment (final) - on or

before April 15 of the following before May 15 of the following
calendar year when the final calendar year when the final
adjusted income tax return is adjusted income tax return is
due to be filed. due to be filed.
 NIRC of 1997, as amended TRAIN
Section 79. (D) Personal Exemptions. – xxx (D)Withholding on Basis of
Average Wages. – xxx
Income Tax (E) Withholding on Basis of
Collected at Average Wages. – xxx (E) Nonresident Aliens. - xxx
Source
(F) Husband and Wife. – xxx (F) Year-end Adjustment. - xxx

(G) Nonresident Aliens. – xxx

(H) Year-end Adjustment. – xxx

 TRAIN
Component of xxx…The income tax return shall consist of a maximum of four
Corporation Tax (4) pages in paper form or electronic form, be filed by the
Returns. president, vice-president or other principal officer, shall
sworn to by such officer and by the treasurer or assistant
treasurer, and shall only contain the following information:

(1) Corporate profile and information;

(2) Gross sales, receipts, or income from services rendered, or

conduct of trade or business, except income subject to
final tax as provided under this Code;

(3) Allowable deductions under this Code;

(4) Taxable income as defined in Section 31 of this Code; and

(5) Income tax due and payable.

 NIRC of 1997, as amended TRAIN

Section 57 (B) The Secretary of Finance may, xxx..Provided, That,

upon the recommendation of the beginning January 1, 2019,
Withholding of Commissioner, require the the rate of withholding shall
Creditable Tax at withholding of a tax on the items not be less than one
Source of income payable to natural or percent (1%) but not more
juridical persons, residing in the than fifteen percent (15%)
Philippines, by payor- of the income payment.
corporation/persons as provided
for by law, at the rate of not less
than 1% but not more than 32%
thereof, which shall be credited
against the income tax liability of
the taxpayer for the taxable year.
 NIRC of 1997, as amended TRAIN

Section 58 (A) The return for final withholding tax The return for final and
shall be filed and the payment within creditable withholding
Return and 25 days from the close of each taxes shall be filed and the
Payment of calendar quarter, while the return for payment made not later
Taxes Withheld creditable withholding taxes shall be than the last day of the
at Source. filed and the payment not later than month following the close
the last day of the month following of the quarter during which
the close of the quarter during which withholding was made.
withholding was made: Provided, That
the Secretary of Finance, may require
these withholding agents to pay or
deposit the taxes deducted or
withheld at more frequent intervals
when necessary to protect the
interest of the government.
“When it is obvious that the goals cannot be reached, don't
adjust the goals, adjust the action steps.” - Confucius
THANK YOU!!

TAX ADVISORY SERVICES

ALAS, OPLAS & CO., CPAS
25TH FLOOR PHILIPPINE AXA LIFE CENTRE,
SEN. GIL PUYAT COR. TINDALO ST. MAKATI CITY

Telephone: +63 (02) 759-5091 to 92

Email: aocheadoffice@alasoplascpas.com