[Ask The Tax Whiz] Tax credit/refund of excess creditable withholding tax on income: How do you claim them?

The Philippine Tax Whiz discusses the guidelines and requirements for claims for tax credit or refund of excess/unutilized creditable withholding tax on income tax as per Revenue Memorandum Circular No. 75-2024

This is AI generated summarization, which may have errors. For context, always refer to the full article., refunds had to be filed with the Bureau of Internal Revenue and then filed as a petition for review with the Court of Tax Appeals, with both claims having to be filed within two years from the date of payment of said tax.

Printed and soft copies of the Summary of Revenue declared in Income Tax Return with the corresponding taxes withheld following the format in. The infographic below has the specific requirements you’ll need to submit in addition to the general requirements: In short, it means that the business can continue operations and meet its financial obligations. This assumption is important because it affects how revenues and expenses are recorded, and how assets and liabilities are handled, presuming that they’ll be used and settled in daily business operations..” Until your business is formally dissolved, it continues to exist as a legal entity, regardless of internal issues or economic challenges.

The RO may ask for additional documents if there are issues or findings that need verification, and the taxpayer-claimant should cooperate with the RO to avoid delaying the 180-day processing time. Non-cooperation can be grounds for denial of your TCC/refund application.

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