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    RMC No. 70-2023 v2

    Uploaded by

    Sean Anderson
    The Revenue Memorandum Circular No. 70-2023 updates the list of Top Withholding Agents (TWAs) required to deduct and remit either a 1% or 2% Creditable Withholding Tax from income payments to suppliers. The circular adds and removes entities from the existing list of TWAs published on the BIR website, with the obligation to deduct and remit the tax commencing or ceasing on July 1, 2023 based on the updated list. Taxpayers not on the published list are not required to deduct and remit the 1% or 2% Creditable Withholding Tax.

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    RMC No. 70-2023 v2

    Uploaded by

    Sean Anderson
    116 views1 page
    The Revenue Memorandum Circular No. 70-2023 updates the list of Top Withholding Agents (TWAs) required to deduct and remit either a 1% or 2% Creditable Withholding Tax from income payments to suppliers. The circular adds and removes entities from the existing list of TWAs published on the BIR website, with the obligation to deduct and remit the tax commencing or ceasing on July 1, 2023 based on the updated list. Taxpayers not on the published list are not required to deduct and remit the 1% or 2% Creditable Withholding Tax.

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    The Revenue Memorandum Circular No. 70-2023 updates the list of Top Withholding Agents (TWAs) required to deduct and remit either a 1% or 2% Creditable Withholding Tax from income payments to suppliers. The circular adds and removes entities from the existing list of TWAs published on the BIR website, with the obligation to deduct and remit the tax commencing or ceasing on July 1, 2023 based on the updated list. Taxpayers not on the published list are not required to deduct and remit the 1% or 2% Creditable Withholding Tax.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    116 views1 page

    RMC No. 70-2023 v2

    Uploaded by

    Sean Anderson
    The Revenue Memorandum Circular No. 70-2023 updates the list of Top Withholding Agents (TWAs) required to deduct and remit either a 1% or 2% Creditable Withholding Tax from income payments to suppliers. The circular adds and removes entities from the existing list of TWAs published on the BIR website, with the obligation to deduct and remit the tax commencing or ceasing on July 1, 2023 based on the updated list. Taxpayers not on the published list are not required to deduct and remit the 1% or 2% Creditable Withholding Tax.

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    REVENUE MEMORANDUM CIRCULAR NO.

    70-2023 issued on June 22, 2023


    circularizes the additional List of Top Withholding Agents (TWAs) for inclusion to and
    deletion from the existing List of TWAs required to deduct and remit either the one percent
    (1%) or two percent (2%) Creditable Withholding Tax (CWT) from the income payments to
    their suppliers of goods and services, respectively, pursuant to Revenue Regulations (RR) No.
    31-2020. The said Lists are posted at the BIR's website (www.bir.gov.ph).
    Accordingly, the obligation to deduct and remit to the BIR the 1% and 2% CWT
    shall commence or cease, as the case may be, effective July 1, 2023. Any taxpayer not found
    in the published List of TWAs is not required to deduct and remit the 1% or 2% CWT under
    the abovementioned RR.

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