Showing posts with label Creditable Withholding Tax and Rates. Show all posts
Showing posts with label Creditable Withholding Tax and Rates. Show all posts

Sunday, June 3, 2018

Revised Creditable Income Tax Rates on Professional Fees, Talent Fees, Etc. For Services Rendered

Revenue Regulations (RR) No. 14-2018 are regulations to amend certain provisions of RR No. 11-2018 particularly Section 2 & 14.

SECTION 2. AMENDATORY PROVISIONS - The provisions of Sections 2 and,14 of RR 11- 2018, are hereby amended as follows: 
"SECTION 2. Certatn items of Section 2.57.2 of RR No. 2-98 is hereby renumbered and further amended to read as follows: 

SECTION 2.57.2, Income Payments Subject to Creditable Withholding Tax and Rates Prescribed Thereon. - Except as herein otherwise provided, there shall be withheld a creditable income tax at the rates herein specified for each class of payee from the following items of income payments to persons residing in the Philippines: 

(A) Professional fees, talent fees, etc. for services rendered - on the gross professional, promotional, and talent fees or any other form of remuneration for the services rendered by the following: 

Individual payee: 

If gross income for the current )rear did not exceed P3M - Five percent (5%) 
If gross income is more than P3M or VAT Registered regardless of amount - Ten percent (10%)

Non-individual payee: 

Ten percenl (10%) s income for the current year did not exceed P720.000-Ten percent (10%); If gross income exceeds P720.000  - Fifteen percent (15%)