THE Bureau of Internal Revenue (BIR) has issued a circular ordering electronic marketplace operators to start the imposition of withholding taxes to sellers and merchants beginning July 15, 2024. Internal Revenue Commissioner Romeo D. Lumagui Jr.
THE Bureau of Internal Revenue has issued a circular ordering electronic marketplace operators to start the imposition of withholding taxes to sellers and merchants beginning July 15, 2024.
Local online sellers who fail to submit a sworn declaration of gross remittances that their total income exceeds P500,000 in the previous or current year to the BIR Revenue District Office will automatically be deducted from the 1 percent creditable withholding tax by the online selling platform where they are listed.
Lumagui underscored that withholding tax is not a new tax but merely a system of taxation where taxes are collected at the source, which will be credited against the total income tax liability of the sellers/merchants. Moreover, the BIR circular extended the deadline for digital financial services providers until October 12, 2024, to complete their respective system adjustments to comply with RR 16-2024.
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