Expanded Withholding Tax and Final Withholding Tax
About the Training/Workshop
Overview
In the operation of withholding tax system, the withholding agent is the payor, a separate entity acting no more than an agent of the government for the collection of the tax in order to ensure its payments. The withholding agent – payor is liable for his failure to perform his duty to withhold the tax and remit the same to the government. Under the former rule, failure to withhold taxes will cause the disallowance of expense notwithstanding the payment of the withholding taxes at the time of audit investigation. However, there was a recent ruling which updated this and allowed the expenses to be deductible after paying the withholding tax due.
Consequently, knowledge of the tax laws, rules and regulations on the taxation of withholding tax is imperative so that the company may minimize the risk of deficiency in withholding tax and its corresponding penalties, and to a deficiency in income tax for the disallowance of the expenses not subject to withholding tax.
Objectives
• To know the nature of Withholding Tax
• To know the computation of Withholding Tax
• To know the income payments subject to Expanded Withholding Tax
• To know the income payments subject to Final Withholding Tax
• To know the basic tax compliance for the Withholding Tax
Who Should Participate
• Business Owners (Single Proprietor or Stockholders)
• Business Managers and other employees
• Accountants (Whether employee or practitioner)
• Others who want to know about Expanded Withholding Tax and Fringe Benefits Tax
Key Topics
I. Nature of Withholding Tax
• Types of Withholding Tax
• Who is required to Withhold
• Persons Exempt from Withholding Tax
II. Computation of EWT
• Withholding Tax Base
• Withholding Tax Computation
• Timing of EWT
III. Expanded Withholding Tax
• Professionals and Talent Fees
• BPO Services
• Seminars & Training Fees
• Event Organizers
• Professional fees for services rendered by medical practitioners
• Rentals
• Brokers
• Agricultural Suppliers
• Funeral Parlors & Embalmers and Toll Fees
• Interest Income on Debt Instruments not considered “deposit substitutes”
• Contractors
1. Freight Forwarders
2. Transportation Contractors
3. Security Agencies
4. Advertising Agencies
5. Labor Recruiting Agencies
6. Computer Services
• Top 20,000 Corporations
• Transactions with Government
IV. Final Withholding Taxes
• Royalties
• Interest
• Dividends
• Branch Profit Remittance Tax
V. Tax Compliance
• Creditable Withholding Tax Certificates (BIR Form 2307)
• Certificate of Final Tax Withheld at Source (BIR Form 2306)
• Monthly and Annual Returns
• Monthly Alphalist of Payees
• Annual Alphalist of Payees
• Penalties on Withholding tax violations
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