A Regulations Amending Revenue Regulations No. 6-85, as amended, otherwise known as the Revised and Consolidated Expanded Withholding Tax Regulations

December 21, 1989 REVENUE REGULATIONS NO. 12-89 SUBJECT : A Regulations Amending Revenue Regulations No. 6-85, as Amended, Otherwise Known as the Revised and Consolidated Expanded Withholding Tax Regulations TO : All Internal Revenue Officers, Withholding Agents and Others Concerned Pursuant to the provisions of Sections 245 of the National Internal Revenue Code, in relation to Section 22(a), (b) and Section 50 (b) of the National Internal Revenue Code, as amended, the following regulations amending Revenue Regulations No. 6-85, as amended are hereby promulgated and shall be known as Revenue Regulations No. 12-89. SECTION 1 . Section 1 of Revenue Regulations No. 6-85, as amended, is hereby further amended by adding paragraph aisa dc (j). Sale of real property other than capital asset . A creditable withholding tax shall be withheld on the gross selling price or the total amount of money or its equivalent which the purchaser pays to the vendor at rates prescribed herein below: (i) by the corporations on the amount paid 10% (ii) by the individuals on the amount paid 15% (iii) on taxpayers not falling under (i) or (ii) above, such estate, trust, trust funds and pension funds among others 15%. SECTION 2 . Effectivity . These Regulations shall take effect January 1, 1990. (SGD.) VICENTE R. JAYME Secretary of Finance Recommending Approval: (SGD.) JOSE U. ONG Commissioner of Internal Revenue