The Bureau of Internal Revenue (BIR) issues Revenue Memorandum Circular (RMC) 80-2022 to circularize an updated list of the Top Withholding Agents (TWAs). This RMC adds to the previous TWA list published on March 16, 2022, its purpose is to publish the list of withholding agents mandated by law to deduct or remit either one percent (1%) or two percent (2%) of Creditable Withholding Tax (CWT) from their income payments to their suppliers of goods and services, respectively.
In addition, RMC 80-2022 follows Revenue Regulations (RR) 31-2020 which also included a list of TWAs in line for deletion from the current list. The BIR encourages anyone with a question regarding the lists to visit their website at www.bir.gov.ph; here all clients have access to all the lists, along with in-depth search facilities to increase user convenience.
Furthermore, the RMC explains that withholding agents will continue being mandated to deduct and remit the 1% and 2% CWT to the Bureau, it will persist or stop up until its effective date on July 1, 2022. The RMC explains that all taxpayers who aren’t present in any of the published TWA lists will be noted as excluded and won’t be subject to the 1% or 2% CWT reduction and remission under the conditions given by RR 31-2020.
You can find the updated withholding agents list on the link below:
Additional List of Top Withholding Agents Published on June 22, 2022 - Bureau of Internal Revenue (bir.gov.ph)