Synchronization of the time and manner of remitting taxes withheld under Sections 53, 54 and 93 of the National Internal Revenue Code.

March 19, 1985 REVENUE REGULATIONS NO. 05-85 SUBJECT : Synchronization of the Time and Manner of Remitting Taxes Withheld under Sections 53, 54 and 93 of the National Internal Revenue Code TO : All Internal Revenue Officers and Others Concerned SECTION 1 . Scope . Pursuant to the provisions of Section 326 in relation to Section 53, 54 and 93 of the National Internal Revenue Code, these regulations are hereby promulgated to synchronize the time and manner of filing of remitting of creditable and final income taxes withheld. cd i 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 aisa dc (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 the appropriate returns as follows: BIR FORM NO. W-1A - For Taxes withheld on Compensation Income BIR FORM NO. 1743-A1 - For Creditable (expanded) withholding Taxes BIR FORM NO. - For final income taxes withheld 3 . Annual Returns . Every withholding agent required to deduct and withhold taxes shall submit to the Commissioner of Internal Revenue an annual reconciliation statement of the monthly payments together with an alphabetical list of employees/payees and income payments. In the case of taxes withheld on compensation income and final withholding taxes the returns shall be filed on or before January 31 of the succeeding year, and for creditable (expanded) withholding taxes, not later than March 1 of the year following the year for which the annual report is being submitted. The return, if made and filed in accordance with these regulations shall be sufficient compliance with the requirements of Section seventy-seven of the National Internal Revenue Code , as amended, in respect of the income payments. The commissioner may grant to any withholding agent a reasonable extension of time to furnish and submit the return required in this sub-section. SECTION 4 . Place of filing . The monthly and annual returns, as well as the Alphabetical list of Employees/Payees required under these regulations, are to be filed in duplicate with the Office of the Revenue District Officer, Collection Agent, or duly authorized Treasurer of the City or Municipality in which the withholding agent has his legal residence or principal place of business, or where the withholding agent is a corporation, where the principal office is located: Provided, however , that where a branch is registered as a separate withholding agent, the return shall be filed in the place where the branch office is located SECTION 5 . Exceptions . The provisions of these regulations to the contrary notwithstanding, the manner of filing returns and remittance of taxes on interest on Philippine currency, bank deposits and yield or any other monetary benefit from deposit substitutes, and from trust funds and similar arrangements withheld by banks as defined in Section 2 of the G eneral Banking Act, R.A. 337, as amended, including government-owned and controlled banks, finance companies, non-bank financial intermediaries and corporations, shall be governed by Revenue Regulations No. 17-84, as amended. cdt SECTION 6 . Repealing Clause . All rules and regulations or parts thereof inconsistent with the provisions of these regulations are hereby amended accordingly. casia SECTION 7 . Effectivity . These regulations shall take effect on all taxes withheld for the month beginning April, 1985. (SGD.) CESAR E.A. VIRATA Minister of Finance Recommended by: (SGD.) RUBEN B. ANCHETA Acting Commissioner