This tax advisory announces the individuals as well as businesses who are subject to regular income tax rates.
This new tax advisory announces that all employees of regional headquarters and regional operating headquarters of multinational companies; offshore banking units; & petroleum service contractors and subcontractors, enjoying preferential tax treatment prior to 2018 are now subject to regular income tax rates. Thus, withholding taxes on compensation of these employees shall be enforced based on withholding tax table per revenue memorandum circular no. 1-2018.
To obtain a full PDF copy of this revenue regulation, kindly click this link.