Feedback on the effect of the Supreme Court decision on the credit/refund of excess withholding tax on 1991 compensation income

November 12, 1992 REVENUE REGULATIONS NO. 03-A-92 SUBJECT : Feedback on the effect of the Supreme Court decision on the credit/refund of excess withholding tax on 1991 compensation income MEMORANDUM TO: All Revenue Regional Directors, Revenue District Officers and Others Concerned. The Bureau has been ordered to give immediate feedback on the effect of the Supreme Court decision on the credit/refund of excess withholding tax on 1991 compensation income which is being implemented under Revenue Regulation No. 3-92 dated July 9, 1992. The revenue order provides that: a) Tax refund by the employer to the employees shall be done immediately but not later than January 10, 1993. In turn, the total amount actually refunded by the employer to his employees shall be repaid from the remittable amount of taxes withheld for the current month in which refund was made (beginning September 1992) and in succeeding months until the overwithheld tax is fully repaid. b) Report of refunds and credits shall be submitted by the employer/withholding agent to the Revenue District Office under whose jurisdiction the withholding agent is located not later than October 30, 1992. Based on #b above, you are hereby required to submit a monthly salary report (See Attachment A format) beginning November 1992 until January 1993. The summary reports should be prepared by Revenue District Officers and submitted to the undersigned, copy furnished the Statistical Analysis Division. For immediate compliance. JOSE U. ONG Commissioner of Internal Revenue