Yes, filing of withholding tax returns had become quarterly but wait, amount withheld still needs to be remitted monthly using the BIR Monthly Remittance Forms, BIR Form Nos. 0619E and/or 0619F.
So we have just filed our first BIR Form No. 1601EQ. It would be hard to miss that the new expanded withholding tax rates for individuals are already reflected in the new form pursuant to Revenue Regulations No 11-2018 (RR 11-2018) and Revenue Regulations 14-2018 (RR 14-2018). Here’s a comparison between the new tax rates and the old ones.
The BIR issued Revenue Regulations No. 13-2018 implementing the VAT provisions of Republic Act No. 10963 (TRAIN) by amending certain provisions in RR 16-2005 (Consolidated VAT Regulations of 2005). Below are the main provisions as identified by Navarro Amper & Co in their Tax News April 2018. Continue reading
New friends for your storage and filing cabinets, BIR Forms 1601EQ and 1601FQ.
Goodbye BIR Form 1601E – hello BIR Form 0605 – see you soon BIR Form 1601EQ? Continue reading
Effective January 1, 2018, Filipino workers like me will have higher take-home pay due to the lower income tax rates*. Yey!
I am Kimber Bagahansol. I currently work in a private organization as a Senior Accountant for Tax and Statutory Compliance. I honestly did not think Tax is the field I would want to be into at first. But it had always chased me down through out my career.