The Latest Updates on the Withholding Tax System

(Under the New CREATE LAW GENERAL PROVISIONS)

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)

Available Webinar Schedules

08 April 2021 | Thursday | 6:00pm-8:00pm

10 April 2021 | Saturday | 3:00pm-5:00pm

15 April 2021 | Thursday | 6:00pm-8:00pm

21 April 2021 | Wednesday | 6:00pm-8:00pm

26 April 2021 | Monday | 6:00pm-8:00pm

08 May 2021 | Saturday | 10:00am-12:00pm

(via Zoom)

 

 

 

NEW PROCESSING & TAXABILITY OF JOB ORDER EMPLOYEES

Application of Substituted VAT or Substituted Percentage Tax


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

WEBINAR FEE: Php. 2,000.00

(Payment made through bank deposit atleast 1 day [cut-off time: 4:00pm] before the seminar)

(Credit/Debit Card payments are accepted via PayPal)

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

© 2012-2021 by IPG Training Institute For Professional Advancement. All rights reserved.

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