Summary
RMC No. 122-2019, issued November 22, 2019, terminates the submission of the Semestral List of Regular Suppliers (SRS).
CollapseExpand
Key points
- Top Withholding Agents. Under Revenue Regulations (RR) No. 11-2018, withholding agents liable to deduct the 1% and 2% Creditable Withholding Tax rates are Top Withholding Agents (TWAs). These are the Top 20,000 Private Corporations, Top 5,000 Individual Taxpayers, Taxpayers Account Management Program (TAMP) and Medium Taxpayers.
- Requirement abandoned. RR No. 11-2018 no longer mentions the SRS, and it cannot be applied to TAMP and Medium Taxpayers without an express provision. The requirement is deemed abandoned by operation of law, so SRS submission is no longer required, consistent with the policy of ease of doing business.
Who is affected
- Top Withholding Agents (Top 20,000 Private Corporations, Top 5,000 Individual Taxpayers, TAMP, Medium Taxpayers)
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.