Tax Notes: BSP’s obligation to withhold reduced from 5% to 1%

THE Bureau of Internal Revenue issued Revenue Regulations (RR) No. 7-2017 to amend certain provisions covering taxation on sale of gold and other metallic mineral products to the Bangko Sentral ng Pilipinas (BSP). RR No. 7-2017 reduces the BSP’s obligation as withholding agent of the creditable withholding tax on mineral sales from a withholding tax rate of five percent to one percent.

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