RMC No. 85-2012 — Reminds withholding agents of their obligation to issue withholding tax statement for taxes withheld at source

REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE RECORDS MGT DIVISION RECEIVE V UT INTERNAL REVENUE DEC 2 6 2012L 1:/& Y 4

BUREAU OF INTERNAL REVENUE

December 26,2012

REVENUE MEMORANDUM CIRCULAR NO._ 85- 30/2

SUBJECT Withholding Tax Statement for Taxes Withheld at Source

TO Alf Revenue Officials, Employees and Others Concerned

issue withholding tax statement for taxes withheld at source, whether final or creditable. This Circular is being issued to remind all withholding agents of their obligation to

Revenue Regulations No. 2-98 as amended, in particular Sec 2.58 (B) provides that ...

"Every payor required to deduct and withhold taxes under these regulatians shaff furnish in triplicate, each payee, whether individual or corporate, with a withholding tax statement, using the prescribed form, (BiR Form No. 2307), showing the income payments made and the amount of taxes withheid therefrom, for every month of the quarter, within twenty (2o) days following the close of taxable quarter empioyed by the payee in filing his/its guarterly income tax return. The payor, nonetheless, should always retain a copy duly issued BiR Form No. 2307. Failure to furnish the same shall be a ground for the mandatory audit of payor's income tax fiabilities {including withholding tax} upon verified compiaint of the payee.

For final withholding taxes, the statement should be given to the payee on or before January 31 of the succeeding year.

Upon request of the poyee, however, the payor must furnish such certificate simultaneousty with the income payment." (Emphasis supplied)

For strict compliance.

KIMS NTO-HENARES Commissioner of tnternal Revenue

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