RR17-03 - REVENUE REGULATIONS NO 17-03 SUBJECT Amending Further Pertinent Provisions of Revenue Regulations No 2-98 as Amended Providing for

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Unformatted text preview: March 31, 2003 REVENUE REGULATIONS NO. 17-03 SUBJECT : Amending Further Pertinent Provisions of Revenue Regulations No. 2-98, as Amended, Providing for Additional Transactions Subject to Creditable Withholding Tax; Re-Establishing the Policy that the Capital Gains Tax on the Sale, Exchange or Other Disposition of Real Property Classified as Capital Assets Shall be Collected as a Final Withholding Tax, Thereby Further Amending Revenue Regulations Nos. 8-98 and 13-99, as Amended by Revenue Regulations No. 14-2000; and for Other Purposes. TO : All Withholding Agents, Internal Revenue Officers and Employees and Others Concerned SECTION 1. Scope. — Pursuant to the provisions of Section 244, in relation to Sections 24(A), 24(D)(1), 25, 27(A), 27(D)(5), 34(K), 57(A), 57(B), 58, 151, 173, 196 and 245, all of the National Internal Revenue Code of 1997 (Code), as amended, these regulations are hereby promulgated to further amend portions of Revenue Regulations Nos. 2-98 and 13-99, as amended, providing for additional income payments subject to creditable withholding tax; clarifying existing provisions on income payments subject to creditable/expanded withholding tax and the requirements for deductibility of certain payments; providing for withholding as the mode of remitting final capital gains tax on the sale of real property classified as capital asset, and for other purposes. SECTION 2. Income Payments Subject To Final Withholding Tax. — Sec. 2.57.1 of Revenue Regulations No. 2-98, as amended, is hereby further amended to read as follows: "Sec. 2.57.1. Income Payments Subject to Final Withholding Tax. — The following forms of income shall be subject to final withholding tax at the rates herein specified: (A) Income payments to a citizen or to a resident alien individual. xxx xxx xxx (6) On capital gains presumed to have been realized from the sale, exchange or other disposition of real property located in the Philippines, classified as capital assets, including pacto de retro sales and other forms of conditional sales based on the gross selling price or fair market value as determined in accordance with Sec. 6(E) of the Code (i.e., the authority of the Commissioner to prescribe real property values), whichever is higher — Six percent (6%)....
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This note was uploaded on 12/07/2011 for the course TAXATION 101 taught by Professor Atty.phua during the Spring '11 term at University of the Philippines Diliman.

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RR17-03 - REVENUE REGULATIONS NO 17-03 SUBJECT Amending Further Pertinent Provisions of Revenue Regulations No 2-98 as Amended Providing for

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