individual, estate or trust for which such fiduciary acts, and shall be signed and
verified by such fiduciary. In case of two or more fiduciaries, the return shall be signed and verified by one of such fiduciaries. Venue and time of filing of withholding tax returns Place of Filing a. The return shall be filed with an Authorized Agent Bank, Revenue District Officer, Collection Agent, or duly authorized Treasurer of the city or municipality in which such person has a legal residence or principal place of business in the Philippines, or if there is no legal residence or place of business in the Philippines, with the Office of the Commissioner. Information returns (BIR Form 1701AIF) shall be filed with the Revenue Regional Director, Revenue District Officer, or Collection Agent where the principal office of the taxpayer is located. The return shall be filed on or before January 31 of the year following the calendar year in which the compensation payment and other income payments subjected to final withholding taxes were paid or accrued. The return shall be filed with the Revenue Collection Officer or duly authorized City/Municipal Treasurer of the Revenue District Office having jurisdiction over the withholding agent's place of business/office. A taxpayer may file a separate return for the head office and for each branch or place of business/office or a consolidated return for the head office and all the branches/offices except in the case of large taxpayers where only one consolidated return is required. Time of Filing a. Residents of the Philippines, whether citizens or aliens whose income had been derived solely from salaries, wages, interest, dividends, allowances, commissions, fees, pensions, or any combination thereof - on or before April 158. b. Individuals subject to the final schedular tax on net capital gains from the sale or exchange of shares of stock not traded thru a local stock exchange - within 30 days after each transaction and a final consolidated return on or before April 15. c. Individuals subject to the capital gains tax on the sale or disposition of real property - within 30 days following each sale or other disposition of capital assets. Venue and time of payment The income tax is payable at the time the return is filed. When the income tax due exceeds PhP2,000, it may be paid in two equal installments: the first, at the time the return is filed; and second, on or before the 15th day of July following the close of the calendar year. Modes of payment Time of payment Use of tax tables and rates In general, every employer paying compensation to its employee/s shall deduct and withhold from such compensation a tax determined in accordance with the prescribed Revised Withholding Tax Tables.
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- Fall '16
- james reyes
- Taxation in the United States