Who should pay withholding tax in Philippines?

This means that it is the employer who is required to deduct the withholding tax from an employee's salary and it is the employer who is required to remit the withheld tax to the BIR. In short, the burden of compliance in the Philippines, from the perspective of Withholding Tax on Compensation, falls on the employer.

Who are exempted from withholding tax in the Philippines?

An individual earning less than P250,000 a year is exempted from withholding tax, where the income is coming only from a single payor (i.e. a tax withholding agent).

What is the expanded withholding tax on professional fees in Philippines?

The Professional Fee Withholding Tax is calculated at a rate of 5%-15% of the gross payment, depending on the type of professional services rendered. The tax is withheld by the payer when the payment is made, and it is remitted to the Bureau of Internal Revenue (BIR) along with the payer's other tax obligations.

Who are exempted from tax in the Philippines?

A resident alien, non-resident citizen, or non-resident alien involved in business or practice of profession within the country, or. A trustee of a trust engaged in trade or business. A guardian of a minor engaged in trade or business.

Who are required to withhold expanded withholding tax in the Philippines?

Who needs to pay Expanded Withholding Tax? As the name implies, withholding agents remit the expanded withholding tax return (containing all income tax deductions) to the BIR for all their employees. This applies to any of the following individuals or professions: Licensed professionals.

Who is liable for the withholding?

Withholding Agent Liability As a withholding agent, you are personally liable for any tax required to be withheld. This liability is independent of the tax liability of the foreign person to whom the payment is made.

What is creditable tax withheld at source?

The BIR Form 2307, known as the Certificate of Creditable Tax Withheld at Source, is a certificate that is accomplished and issued to recipients of income subject to expanded withholding tax. It's one of the most common BIR forms used by businesses of all sizes from multinational corporations to freelancers.

What is the difference between final withholding tax and creditable withholding tax?

Final Withholding Tax is a kind of withholding tax which is prescribed on certain income payments and is not creditable against the income tax due of the payee on other income subject to regular rates of tax for the taxable year.

Get Bir Form 2304

DLN: Republika ng Pilipinas Kagawaran ng Pananalapi Kawanihan ng Rentas Internas (Excluding Compensation Income) 1 For the Year ( YYYY ) BIR Form No. Certificate of Income Payment Not Subject to Withholding.

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