The Philippines Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No. 8-2024 of 15 January 2023, which clarifies the application of the new 1% withholding tax on payments made by online platforms to suppliers of goods and services. A related declaration (annex) has also been issued with the circular. As previously reported, The 1% withholding tax requirement was introduced by Revenue Regulations No. 16-2023 to impose withholding tax on gross remittances made by electronic marketplace operators and digital financial services providers to sellers/merchants. An overview (digest) summarizes Revenue Memorandum Circular No. 8-2024 as follows: --- REVENUE MEMORANDUM CIRCULAR...