Use of the Information Return — Form 17.01B Implementing Section 77 of the NIRC

July 24, 1963 REVENUE REGULATIONS NO. 02-63 SUBJECT : Use of the Information Return Form 17.01B Implementing Section 77 of the National Internal Revenue Code TO : All Regional Directors, Provincial Revenue Officers, Collection Agents and Other Internal Revenue Officers Concerned SECTION 1. For the effective enforcement of the provisions of Section 77 of the National Internal Revenue Code, Section 243 of Revenue Regulations No. 2 is hereby amended to read as follows: Section 243. Return of information as to Payments of P1,800 or more . All persons, corporations partnerships, and associations making payments to another of fixed or determinable income of P1,800 or more in a taxable year must render a return thereof in duplicate on the form prescribed therefor (BIR Form 17.01-B). These forms should be attached to and filed together with the annual income tax returns of said persons, corporations, partnerships, and associations as payors, within the time fixed by law for the filing of income tax returns. LLjur Exceptions: (a) Dividend payments mentioned under Section 75 of the N.I.R.C. to be reported in a separate list duly verified and under oath. (b) Salaries, wages, bonuses, and other compensations in kind, such as living quarters, meals, and lodging which are subject to withholding tax and reported in W-2 forms as provided for under Republic Act 590 and implemented by Revenue Regulations No. V-8, as amended. (c) Payments subject to withholding tax at source enumerated under Section 53 and 54 of the N.I.R.C. to be reported in Form 17.43. Examples of income covered by this Regulation and to be declared in BIR Form 17.01-B are interest, rents, commissions, royalties, advertisements, professional fees, and the like, arising generally from payments between payors and recipients who have no employer-employee relationship. SECTION 2. These Regulations supersede all previous circulars issued on the same subject matter and shall apply to payments made in 1963 and thereafter. cd JOSE B. LINGAD Acting Commissioner of Internal Revenue APPROVED: RODRIGO D. PEREZ, JR. Secretary of Finance