RR No. 7-2017
RR No. 7-2017
RR No. 7-2017
DEPARTMENT OF FINANCE
BUREAU OF INTERNAL REVENUE
i"t
October 26,2017
[q, \b7
(c) Income Tax. - sellers are subject to income tax at the rate
prescribed under Section 24 (A) in case of individual taxpayers,
and under Section 27 (A) of the i997 NIRC in case of
corporations. Further, buyers of said metallic minerals are
required to withhold five percent (5%) except for BSP which is
required to withhold one percent (1olo) of gross payments made
and remit the same to the Government. B.ImE&-tj 0F XN'lERfu-tU, RfrBiTjl
ItLCOFlrl. T Al'f. E I\TSTOI{
4: Do P.14 .
Bv ? 3 2017 lr
tT in'ri' "g
lrur
E"t
-KA -il;
''r.,, .ii;a i' \f E F
'In order for a seller/possessor ofsaid metallic mineral to be able
to claim the costs of said metallic mineral. said seller/possessor
must be able to show proof of withholding and remittance of the
five percent (5%) withholding tax on said product, one percent
(17o) in the case of metallic minerals sold to BSP, otherwise
all claimed costs and expenses associated therewith shall be
disallowed.
,&
'g:l' CARLOS G.
000194 Secretary of Finance
Recommending Approval :
P
q FITE[irirr.|, IiE f, i\ ir]
E*IpE{U_ r
D6