Thursday, September 1, 2016

Philippine Taxation 101: FAQs on Withholding Taxes


Click the questions to get the answers ...


1) What are the types of Withholding Taxes?

2) What is compensation?

3) What are the different kinds of compensation?

4) What are exempted from Withholding Tax on Compensation?

5) What are De Minimis Benefits?

6) What is substituted Filing of income tax returns (ITR)?

7) Who are qualified to avail of the substituted filing of ITR?

8) What income payments are subject to Expanded Withholding Tax?

9) What income payments are subject to Final Withholding Tax?

10) Aside from the required withholding of income tax by government agencies and instrumentalities on their payments to their suppliers of goods and services, what other tax types must be withheld by them.

11) Who is a withholding agent?

12) What are the duties and obligations of the withholding agent?

13) Who are considered TOP 20,000 Corporate Taxpayers?

14) What are the obligations of Top 20,000 Corporate Taxpayers?

15) Who are considered TOP 5,000 Individual Taxpayers?

16) What are the obligations of Top 5,000 Individual Taxpayers?

17) Who are the responsible officials in the government offices charged with the duty to deduct, withhold and remit withholding taxes?






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