15% Withholding Tax — Awards and Prizes to Contest Winners
BIR Ruling No. 062-79 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Jul 17, 1979
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July 17, 1979 BIR RULING NO. 062-79 15% Withholding tax awards and prizes to contest winners In reply to your letter dated December 4, 1978, please be informed that awards and prizes given to winners of gimmick/promotion sponsored by companies are subject to 15% (10% beginning July 1, 1979) withholding tax if the amount of or the cash value of which exceeds P500.00 (P3,000.00 beginning July 1, 1979). Winner/recipients of such awards or prizes shoulder the tax and the amount so withheld shall be allowed as a tax credit for purposes of computing the income tax liability of said winner/recipients. aisa dc
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