New Withholding Tax Forms and the Corresponding Procedures for Updating the Limited Bank Data Entry System (LBDES)

April 23, 2018 BANK BULLETIN NO. 07-18 TO : All Authorized Agent Banks SUBJECT : New Withholding Tax Forms and the Corresponding Procedures for Updating the Limited Bank Data Entry System (LBDES) Pursuant to the implementation of Republic Act (R.A.) No. 10963, otherwise known as the Tax Reform Acceleration and Inclusion (TRAIN) Law and as clarified in Revenue Regulations (RR) No. 11-2018, the following new withholding tax forms have been formulated: 1. BIR Form No. 1601 EQ Quarterly Remittance Return of Creditable Income Taxes Withheld (Expanded) 2. BIR Form No. 1601 FQ Quarterly Remittance of Final Income Taxes Withheld Accordingly, all AABs are hereby advised to follow the procedures in Bank Bulletin No. 2018-01 for the updating of the BIR Forms in the forms codes table under the Limited Data Bank Entry System (LBDES) as shown below: Form Code Form Description Tax Type Tax Type Description Frequency 1601EQ Withholding Tax Quarterly WE Withholding Tax Expanded Q 1601FQ Withholding Tax Quaterly WF Withholding Tax Final Q For further queries on the above procedures please contact Mr. Sean Neil S. Sabado of this Bureau's Systems Development Division (SDD) through telephone numbers 9251966 and 9817090 or email us at [emailprotected]. For your guidance and strict compliance. (SGD.) CAESAR R. DULAY Commissioner of Internal Revenue