5 months TWAs redefined Manilatimes |Biz
RON ARRIESGADOLast year, we discussed Revenue Regulation (RR) No. 11-2018, which provides for withholding tax rates on income payments made to individual/corporate citizens, resident aliens, and non-resident aliens. Particularly, income payments made by top taxpayers to their local supplier of goods and services is subject to 1 percent withholding tax for a supplier of goods, and 2 percent withholding tax for a supplier of services. A local supplier of goods and services include those who are engaged in business or exercise of profession with whom the taxpayer has transacted for at least 6 transactions, regardless of the amount per ... more