Fair Trade Outsourcing Cited Top Withholding Agent by BIR
Rethink Staffing Inc d/b/a Fair Trade Outsourcing was recently named as one of BIR’s top withholding agents. The list was released by the Bureau of Internal Revenue on Monday, March 18, 2019 through the country’s prominent broadsheets.
It’s an honor and point of pride to be included in this list. It means the company is considered as one of the large taxpayers in the country or one of the top 20,0000 private corporations in the Philippines.
As a corporate taxpayer, the company is required to withhold one percent creditable withholding tax on purchases of goods and two percent on regular purchases of services from local vendors.
These taxes are remitted to the BIR on a monthly and quarterly basis as provided under Revenue Regulations (RR) No. 2-98, as amended by RR No. 11-2018 and further amended by RR No. 1-2019, which implemented the provisions of RA No. 10963 (TRAIN Law).