Amending Revenue Regulations No. 2-98

June 16, 2000 REVENUE REGULATIONS NO. 07-00 SUBJECT : Amending Revenue Regulations No. 2-98 TO : All Internal Revenue Officers and Others Concerned Pursuant to the provisions of Section 244, in relation to Section 6(H), b oth of the National Internal Revenue Code of 1997, these Regulations are hereby promulgated to further implement Sec. 58(C) and to amend Revenue Regulations No. 2-98. 1 . Section 2.83.3 of Revenue Regulations No. 2-98 is hereby amended to read as follows: "SECTION 2.83.3. Requirement for list of Income Payees In lieu of the manually prepared alphabetical list of employees and list of payees and income payments subject to creditable and final withholding taxes which are required to be attached as integral part of the Annual Information Returns (Form No. 1604CF/1604E). the Withholding Agent may, at his option. submit 3.5 inch floppy diskettes, containing the said lists. However, for large taxpayers, excise taxpayers and other taxpayers whose number of employees or income payees are fifty (50) or more, the said list of employees and income payees shall be submitted in magnetic form using 3.5-inch floppy diskettes to the Large Taxpayers Assistance Division, Large Taxpayers District Offices, Excise Taxpayers Assistance Division or to the respective Revenue District Office having jurisdiction over the taxpayer on or before January 31 of the succeeding year, for income payments subject to compensation and final withholding taxes and on or before March 1 of the following year for those subject to creditable expanded withholding taxes. The list shall conform to the technical specifications prescribed under Annex A hereof." SECTION 2 . Repealing Clause . All rules and regulations and parts thereof inconsistent with the provisions of these regulations are hereby amended accordingly. SECTION 3 . Effectivity . These Regulations shall take effect fifteen (15) days after publication in a newspaper of general circulation in the Philippines. DTCSHA Recommending Approval: (SGD.) DAKILA B. FONACIER Commissioner of Internal Revenue APPROVED: (SGD.) JOSE T. PARDO Secretary of Finance