Withholding Taxes, Subjects and Applications 2023 | Tax & Accounting Center, Inc. | 7 August 2023 | Webinar

This event is the most commonly applicable tax obligation of taxpayers engaged in trade or business being automatically instituted by the BIe as a withholding agent. The obligation seems simple - withhold on certain expenses, remit withheld taxes to BIR, issues payees certificate, and file returns/ reports to BIR, but failure to complu with these obligations is proven to be a headache - is required to pay the amount that should have been withheld with penalties (25% surcharge, 12% interst, and compromise penalties), being penalized for every return or report failed to be filed, and is disallowed to claim deductible espense from income tax returns those expensses failed to withheld. Accordingly, this withholding tax is a must-learn tax obligation of each and every taxpayer.