The Latest Updates on the Withholding Tax System

(Under the New Tax Reform Law)

ATTENTION: Chief Accountants, Treasurers, Administrative Officers, HRD, Business Owners/Employers

F E A T U R I N G

NEW ENHANCED FORMS 1601EQ, 1601FQ, 0619E, 0619F, 1604C, 1604F & OTHERS

PREPARATION OF QUARTERLY ALPHALIST OF PAYEES (QAP) REPLACING MAP

DETAILED IMPLEMENTING RULES AND REGULATIONS OF THE TRAIN LAW (RA10963)

NEW GUIDELINES AND PROCEDURES ON WITHHOLDING TAXES

NEW WAY TO COMPUTE ANNUALIZED COMPUTATION WITH ALPHALISTS SUBMITTED ELECTRONICALLY

CUMULATIVE AVERAGE METHOD

Available Webinar Schedule

14 October 2020 | Wednesday | 5:00pm-7:00pm

(via Zoom)

 

 

 

NEW PROCESSING & TAXABILITY OF JOB ORDER EMPLOYEES

Application of Substituted VAT or Substituted Percentage Tax

PAYEE to submit "Income Payee's Sworn Declaration of Gross Sales" subject to withholding tax under Expanded Withholding Tax (EWT) and for those availing to be exempt

PAYOR to submit a duly accomplished "Income Payor/Withholding Agent's Sworn Declaration" to BIR


I. WITHHOLDING TAX ON COMPENSATION

  • Increased amount allowed on de minimis benefits

  • New Form - Monthly Remittance Form replacing Form 1601-E to BIR Form 0619-E

  • All eFPS filing deadline due date is 15th of the following month

  • New details of BIR Form 2307 & BIR Form 2306 for final withholding tax shall be used, showing the monthly income payments made, the quarterly total, and the amount of taxes withheld

  • All additional compensation of Minimum Wage Income Earners (MWE) such as commissions, honoraria, shall be subject to withholding tax using the withholding tax table

  • Other taxable income of MWEs shall be taxable only on such additional compensation received

  • Income not subject to withholding tax does not necessarily mean that it is not subject to income tax

  • Automatic disallowance of expense, if any reduction or diminution of wages for purposes of exemptions from income tax shall constitute misrepresentation

  • Detailed computation and sample cases for NEW HIRES, transferees and multiple employers

  • New way to compute annualized computation with alphalists submitted electronically (Cumulative Average Method)

II. FRINGE BENEFIT TAX (FBT) INCREASED RATES

  • Final Withholding Tax on Fringe Benefits paid to employees other than Rank and Failed

  • Grossed-up monetary value of Fringe Benefits

  • Detailed computation and sample cases

III. COMPUTATION OF WITHHOLDING TAX ON EMPLOYEES OF RHQ, ROHQs, OBUs, AND PETROLEUM SERVICE CONTRACTORS AND SUB-CONTRACTORS

IV. FPROCEDURES FOR THE FILING OF THE APPLICATION FOR REGISTRATION (BIR FORM 1902) AND/OR APPLICATION FOR REGISTRATION INFORMATION UPDATE (BIR FORM 1905)

V. MANDATORY USE OF eREGISTRATION FOR ALL EMPLOYERS TO SECURE THE TIN OF NEW EMPLOYEES

VI.​ SUBSTITUTED FILING OF INCOME TAX RETURNS BY EMPLOYEES RECEIVING PURELY COMPENSATION INCOME

VII. EXPANDED WITHHOLDING TAX

  • NEW RATES for professional fees with gross income now exceeding P3M changing 8% to 5%; and more than P3M

  • New BIR Form 1601EQ/0619E for creditable withholding tax

  • HOSPITALS & CLINICS submission of medical practitioners

  • TOP TAXPAYERS to include TAMP and are required now to withholding on purchase of goods/services

  • Income payments made to suppliers of agricultural products

  • Lone Payor amounting to P250,000 below by individual payee may not be subjected to EWT under certain condition

VIII. INCOME PAYMENTS SUBJECT TO FINAL WITHHOLDING TAX

  • NEW rates for other income payments subject to final tax​

  • Detailed computation and sample cases

IX. INCOME PAYMENT TO A DOMESTIC CORPORATION SUBJECT TO FINAL TAX

X. OPEN FORUM

COVID-19 PROMO: Php. 1,000.00 (Inclusive of eCertificate)

ORIGINAL WEBINAR FEE: Php. 2,000.00

Avail of this Webinar for only Php. 1,000.00 compared to the on-site seminar of Php. 3,500.00

(Payment made through bank deposit atleast 1 day [cut-off time: 3:00pm] before the seminar)

(Credit Card payments are accepted via PayPal)

*Please make all check payments payable to "IPG Training Institute for Professional Advancement"

© 2012-2020 by IPG Training Institute For Professional Advancement. All rights reserved.

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