Supreme Court E-Library
Information At Your Fingertips

  View printer friendly version

SECTION 1. Objective - Pursuant to the provisions of Section 244 of the Tax Code of 1997, as amended, in relation to Section 59 (B) hereof, as amended, these Regulations are hereby promulgated providing for amendments to Revenue Regulations No. 8-2009, where sub-paragraph (W) should be sub-paragraph (X), and other concerns.

SECTION 2. Amendments to Section 2.57.2 of Revenue Regulations No. 2-98, as amended - Sec. 2.57.2 of Revenue Regulations No. 2-98, as amended, is hereby further amended, to read as follows:

“Sec. 2.57.2 Income payments subject to creditable tax and rates prescribed thereon.- Except as herein otherwise provided, there shall be withheld a creditable income tax at the rates herein specified for each class of payee from the following items of income payments to persons residing in the Philippines:

xxx              xxx              xxx

“(X) Income payments made by political parties and candidates of local and national elections of all their purchase of goods and services as campaign expenditures, and income payments made by individuals or juridical persons for their purchases of goods and services intended to be given as campaign contribution to political parties and candidates - Five percent (5%).

SECTION 3. Amendments to Section 2.58 of Revenue Regulations No. 2-98, as Amended. Sec. 2.58 of Revenue Regulations No. 2-98, as amended, is hereby further amended, to read as follows:

Sec. 2.58 RETURN AND PAYMENT OF TAXES WITHHELD AT SOURCE - (A) Monthly return and payment of taxes withheld at source -

(1) WHERE TO FILE -

xxx              xxx              xxx

Those not engaged in trade/business or practice of profession for a limited time during the election period designated as withholding agent pursuant to Section Sec. 2.57.3 (D) and required to withhold income payment under 2. 57.2 (X) using only Alphanumeric Tax Code Withholding Tax Individual (WI) 680 or Withholding Tax Corporation (WC) 680 in the remittance of taxes withheld using Monthly Remittance Return on Creditable Withholding Taxes at Source (BIR Form No. 1601-E) shall not be required to attach the Monthly Alphalist of Payees (MAP).

(2) WHEN TO FILE -
(a) xxx                   xxx                    xxx
(b) xxx                   xxx                    xxx

(B) xxx                   xxx                    xxx

(C) Annual Information Return for Income Tax Withheld at Source - The payor is required to file with the BIR-Large Taxpayers Assistance Division, Large Taxpayer District Office or Excise Taxpayers Assistance Division, or the Revenue District Office where the payor/employer is registered as Withholding Agent, on or before March 1 of the following year in which payments were made, an Annual Information Return of Creditable Taxes Withheld (Expanded)/Income Payments Exempt from Withholding Tax (BIR Form No. 1604E) except withholding agents for a limited time during the election period under Sec. 2.57.3 (D) who are not engaged in business or practice of profession and using only Alphanumeric Tax Code Withholding Tax Individual (WI) 680 or Withholding Tax Corporation (WC) 680 whose due date shall be within thirty (30) days after the day of election, and on or before January 31 of the said year an Annual Information Return on Income Taxes Withheld on Compensation and Final Withholding Taxes (BIR Form No. 1604-CF), showing among other the following information:

xxx              xxx              xxx”

SECTION 4. Repealing Clause - The provisions of any revenue regulations, revenue memorandum orders or circulars or any other revenue issuance inconsistent herewith are hereby repealed, amended, or modified accordingly.

SECTION 5. Effectivity Clause - These Regulations shall take effect fifteen (15) days following publication in a newspaper of general circulation.

(SGD.) MARGARITO B. TEVES
Secretary of Finance

Recommending Approval:

(SGD.) JOEL L. TAN-TORRES
Commissioner of Internal Revenue