Let's Get on the TRAIN

 

The Bureau of Internal Revenue (BIR) issued a tax advisory dated 31 January 2018, in connection with the monthly withholding and payment of creditable and final withholding taxes following the amendments under Republic Act No. 10963 (TRAIN Act).

The BIR instructed that taxes withheld within the first two (2) months of every taxable quarter shall be remitted thru BIR Form No. 0605 on or before the tenth (10th) day following the month of withholding.

On the other hand, taxes withheld on the third (3rd) month of every taxable quarter shall be remitted thru BIR Form 1601EQ (or the applicable quarterly withholding tax return), not later that the last day of the month following the close of the taxable quarter during which the withholding tax was made. 

 

Attached is the copy of the tax advisory for your reference.

Tax Advisory on Monthly Withholding of EWT and FWT

 

RGM&Co. Note: This tax advisory covers both eFPS and non-eFPS filers. Further, the BIR has not yet issued guidance on the BIR Form No. 1601EQ as of date.

DISCLAIMER: The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although R.G. Manabat & Co. endeavors to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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