Amending Revenue Regulations No. 5-85

January 8, 1993 REVENUE REGULATIONS NO. 03-93 SUBJECT : Amending Revenue Regulations No. 5-85 TO : All Internal Revenue Officers and Others Concerned Pursuant to the provisions of Section 245 in relation to Sections 50, 51 and 74 of the National Internal Revenue Code as amended, as well as to Section 11 of Republic Act No. 7497, otherwise known as the "Finality of the Withholding Tax on Purely compensation Income", these regulations are hereby promulgated to synchronize the time and manner of filing the withholding tax returns and remittance of creditable and final income taxes withheld. SECTION 1 . Section 2 of Revenue Regulations No. 5-85 is hereby amended to read as follows: "Sec. 2. Monthly Return and Remittance of taxes withheld Taxes deducted and withheld on: (i) compensation income; (ii) income payments subject to the creditable (expanded) withholding taxes; and (iii) income subject to final withholding taxes. shall be remitted within ten (10) days after the end of each calendar month with the filing of appropriate return. (BIR Form 1743-W). However, taxes withheld from the last compensation/income payment for the calendar year (December) shall be remitted on or before the 25th of January of the succeeding year." SECTION 2 . Effectivity . These regulations providing for the foregoing amendment shall be effective on all taxes withheld for the month beginning December, 1992. (Sgd.) RAMON R. DEL ROSARIO, JR. Secretary of Finance Recommended by: (Sgd.) JOSE U. ONG Commissioner of Internal Revenue