Tuesday July 29 , 2014
Revenue Memorandum Circular No. 8-2014 - Presentation of Tax Exemption Certificate or Ruling by Exempt Individuals and Entities

Revenue Memorandum Circular No. 8-2014 - Presentation of Tax Exemption Certificate or Ruling by Exempt Individuals and Entities

Last February 6, 2014, the Office of the Commissioner of the Bureau of Internal Revenue issued RMC NO. 8-2014, mandating all concerned withholding agents to require all individuals and entities claiming tax exemption, to provide a copy of a valid, current and subsisting tax exemption certificate or ruling, before payment of income.

The RMO further provides that the failure on the part of the taxpayer to present the said exemption certificate or ruling as required, shall subject him to the payment of appropriate withholding taxes due on the transaction and that the failure of the withholding agent to withhold, notwithstanding the lack of tax exemption certificate or ruling shall, cause the imposition of penalties under the Tax Code.

File name: RMC 8-2014.pdf
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Created date: Monday February 10, 2014 19:36:33
Last updated date: Monday February 10, 2014 19:36:33
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