RMC No. 86-2018: Circularizes the Lists of Withholding Agents required to deduct and remit the 1% or 2% Creditable Withholding Tax for the purchase of goods and services under RR No. 11-2018

Summary

RMC No. 86-2018 circularizes the Lists of Withholding Agents required to deduct and remit the 1% or 2% Creditable Withholding Tax on purchases of goods and services under RR No. 11-2018.

Key points

1. The lists. The lists cover Withholding Agents under the Large Taxpayers Service and Revenue Regions. They are classified as Existing, Additional, and for Deletion from the Existing List, and are posted on the BIR website.
2. Taxpayers not listed. Any taxpayer not found in a published list is deemed excluded and is not required to deduct and remit the 1% or 2% CWT under RR No. 11-2018.
3. Start date. The duty to deduct and remit the 1% and 2% CWT from suppliers of goods and services continues, starts or ceases, as the case may be, effective November 1, 2018.
4. Earlier lists. All Lists of Withholding Agents under RR No. 11-2018 previously published in any newspaper or other form are repealed and superseded.

Who is affected

• Withholding agents under the Large Taxpayers Service and Revenue Regions

Deadlines and effectivity

• Effective November 1, 2018

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.