Philippines to Introduce Creditable Withholding Tax on Payments Made by Online Platforms to Suppliers of Goods and Services
The Philippines Bureau of Internal Revenue (BIR) has issued a Briefer and Draft Revenue Regulations on amendments to the provisions of Revenue Regulations (RR) No. 2-98, which prescribes certain withholding tax regulations. The amendments would impose a creditable withholding tax at a rate of 1% on one-half of the gross income payments (remittances) made by online platform providers to supplie…
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