Question & AnswerQ&A (KRI REVENUE REGULATION NO. 18-93)
The primary purpose of Revenue Regulation No. 18-93 is to amend further Revenue Regulations No. 5-85, as amended by Revenue Regulations No. 3-93, to provide the time and manner of filing withholding tax returns and remittances of creditable and final income taxes withheld by Large Taxpayers.
Taxes must be deducted and withheld monthly on (i) compensation income, (ii) income payments subject to creditable (expanded) withholding taxes, and (iii) income subject to final withholding taxes.
For non-large taxpayers, taxes withheld must be remitted within ten (10) days after the end of each calendar month along with the filing of the appropriate return (BIR Form 1743-W).
Taxes withheld from the last compensation/income payment for the calendar year (December) must be remitted on or before January 25 of the succeeding year.
Large Taxpayers are those identified and notified by the Bureau of Internal Revenue pursuant to Republic Act No. 7646, as implemented by Revenue Regulations No. 12-93.
Taxes withheld by Large Taxpayers must be remitted within twenty-five (25) days after the end of each calendar month with the filing of the appropriate return (BIR Form 1743-W).
BIR Form 1743-W must be filed when remitting withholding taxes under this regulation.
This regulation references Section 245, in relation to Sections 50, 51, and 74 of the National Internal Revenue Code, as amended.
The provisions take effect on taxes withheld beginning the month following the month of notification to the taxpayer of its Large Taxpayer status by the Commissioner of Internal Revenue.
All rules and regulations or parts thereof inconsistent with the provisions of these regulations are amended accordingly as per the repealing clause.