Philippines: Amendments to creditable withholding tax; VAT registration
The Department of Finance issued amendments to Revenue Regulations
The Department of Finance issued amendments to Revenue Regulations
The Department of Finance (DOF) issued the following Revenue Regulations (RR):
- RR No. 14-2023 (10 November 2023) amends the pertinent provisions of RR. No. 2-98, as amended, to impose creditable withholding tax (CWT) on certain income payments by joint ventures/consortiums.
- RR No. 13-2023 (10 November 2023) prescribes the policies and guidelines for the optional value added tax (VAT) registration of registered business enterprises (RBEs) classified as domestic market enterprise under the 5% tax on gross income earned in lieu of all taxes regime during the 10-year transitory period pursuant to Rule 18, Section 5 of the amended implementing rules and regulations of Republic Act No. 11534 or CREATE Law.
- RR No. 12-2023 (2 October 2023) implements Section 237 of the National Internal Revenue Code of 1997, as amended, on the issuance of receipts or sales or commercial invoices by agricultural producers.
Read a December 2023 report prepared by the KPMG member firm in the Philippines
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