Summary
RMC No. 70-2023 circularizes the additional List of Top Withholding Agents (TWAs) for inclusion and deletion, covering those required to deduct and remit 1% or 2% Creditable Withholding Tax under RR No. 31-2020.
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Key points
- What the lists cover. The lists name TWAs who must deduct and remit either 1% CWT on income payments to suppliers of goods or 2% CWT on payments to suppliers of services. They are posted at www.bir.gov.ph.
- Start and end of the obligation. The duty to deduct and remit the 1% and 2% CWT starts or stops, as the case may be, effective July 1, 2023.
- Taxpayers not on the list. Any taxpayer not found in the published List of TWAs is not required to deduct and remit the 1% or 2% CWT under RR No. 31-2020.
Who is affected
- Top Withholding Agents named in the published lists
Deadlines and effectivity
- Obligation starts or ceases effective July 1, 2023
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.