Withholding of Tax on Film Rentals or Royalties
BIR Ruling No. 002-71 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Feb 26, 1971
Full text
February 26, 1971 BIR RULING NO. 002-71 Withholding of tax on film rentals or royalties . In accordance with Revenue Memorandum Circular No. 4-71, dated February 8, 1971, local TV film stations shall now deduct and withhold 35% of the entire amount payable by them to non-resident foreign TV film suppliers or distributors, as film rental or royalties, or whatever such payment may be denominated, without any deduction whatever, pursuant to Section 24(b), in relation to Section 53(b) (2), both of the Tax Code. The withheld taxes shall be paid to the Bureau of Internal Revenue in accordance with Section 54 of the Tax Code. aisa dc
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