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References in periodicals archive ?
Dominguez III approved the RR in line with reducing to 15 percent the 25- to 32-percent creditable withholding tax for the refund paid to Meralco, effective January 1, 2019.
The finance chief expects the reduced creditable withholding tax would enable gold miners to 'get back a fair market price for their gold produce' from the BSP and reduce the risk of miners being 'shortchanged' in the black market.
Dominguez III has approved a revenue regulation reducing by almost half the creditable withholding tax on the refund due customers of the Manila Electric Company (Meralco) to a flat rate as provided under the Tax Reform for Acceleration and Inclusion (TRAIN) law.
MANILA, Philippines Local miners are once again selling their gold produce to the Bangko Sentral ng Pilipinas (BSP) following the reduction in the creditable withholding tax on gold sales implemented in November last year, the Department of Finance (DOF) said.In a text message forwarded by Finance Secretary Carlos Dominguez, Bureau of Internal Revenue (BIR)- Baguio City regional director Douglas Rufino said the central bank has purchased P1.5 million worth of gold from local miners in January.
The author is of the opinion that, instead of a final withholding tax, it serves the purpose of the TRAIN law better if it is a creditable withholding tax. This is so that the withheld amount could still be utilized against the tax imposed on the net estate and, perhaps, refunded if there is excess.
To dissuade small miners from tapping the black market, the government cut their creditable withholding tax (CWT) on sales made to the Bangko Sentral ng Pilipinas (BSP), the Department of Finance (DOF) said Tuesday.
But when the Bangko Sentral ng Pilipinas (BSP) started to withhold and remit to the National Government two percent excise tax and five percent creditable withholding tax (CWT) on its purchase of gold from small-scale miners and traders pursuant to Bureau of Internal Revenue (BIR) regulation No.
Also, cash in banks left by the deceased must be open to withdrawal net of 6 percent creditable withholding tax for estate tax settlement;
The Bureau of Internal Revenue (BIR) said refund of erroneously paid capital gains tax (CGT), or creditable withholding tax (CWT) should be claimed at the revenue district office (RDO) which has jurisdiction over the sold or transferred property.
Dominguez reduced the creditable withholding tax on gold and other metallic mineral products from five percent to one percent of the gross payments made by small-scale miners to the Bangko Sentral ng Pilipinas (BSP).
'Under the creditable withholding tax system, taxes withheld on certain income payments are intended to equal or at least approximate the tax due of the payee on said income.
Dominguez to the request of the Bangko Sentral ng Pilipinas (BSP) to reduce the creditable withholding tax on gold and other metallic mineral products sold to the BSP from five percent to one percent of gross payments - once again revived the business relationship between the BSP and the small-scale miners.