Managing your withholding tax risks and obligations
Managing your withholding tax risks and obligations
Managing your withholding tax
risks and obligations
(Expanded and final witholding taxes, including application of tax treaty provisions)
Wednesday, April 28, 2010
Ballroom, New World Renaissance Hotel
Makati City
Withholding taxes are a significant revenue source for the BIR. Hence, it is an area where the BIR often focuses its attention. Withholding tax deficiency assessments are common. They can be easily raised just by examining tax returns and financial statements filed with BIR. Hence, taxpayers are well advised to be thoroughly informed of the existing withholding tax rules and regulations, and how these are implemented in order to manage their withholding tax obligations and the attendant risks facing them as withholding agents.
The seminar will cover.....
1) Overview on withholding taxes
a) Nature and purpose
b) Who are required to withhold
c) Obligations of a withholding agent
d) Penalties
e) Persons exempt from withholding
f) Timing of withholding
2) Income payments subject to expanded withholding tax (EWT)
a) Tax base and rates
b) Payments exempt from EWT
c) Issues
Including:
Top 20,000 corporations
Professional and management fees
Forwarders and brokers
Common carriers and their agents
Shared costs
Cost reimbursements
Security services
Fringe benefits given to employees
Finance lease
Sale of real properties
Payments through agents, related companies or representatives
Transactions with government
3) Final withholding (FWT) on payments to non-residents
a) Basic principles
Income of non-resident subject to Philippine tax
Interpretation and application of tax treaty provisions
b) Payments subject to withholding of income tax and VAT
c) Requirement for ITAD ruling
4) Other payments subject to FWT
&nbs
p; a) Dividends, interest, royalties, capital gains
5) Compliance requirements
a) Accounting for taxes withheld
b) Tax returns and information returns
6) Preparing for audit of withholding taxes registration Please download the registration form from the “Events and Seminars” section at http://www.punongbayan-araullo.com through the link below.
The registration fee is:
· P9,500.00 plus 12% VAT – includes handouts, snacks, lunch and CPE accreditation.
· 5% discount if paid by April 19, 2010.
Resource Persons
· BIR Resource Person
· P&A Tax Partners/Managers
Participants
This tax seminar is recommended for tax compliance officers, tax accountants, controllers, and legal officers who handle their company’s tax compliance requirements.