1:59 pm | Tuesday, September 9th, 2014
The Supreme Court. INQUIRER FILE PHOTO
MANILA, Philippines—The Supreme Court stopped the Bureau of Internal Revenue from implementing its regulations requiring businesses, banking and financial sectors to submit an alphabetical list (alphalist) of portfolio investors receiving income payments and dividends.
At the same time, it ordered the Department of Finance, BIR and the Securities and Exchange Commission to comment on the petition filed by Bankers Association of the Philippines (BAP), Fund Managers Association of the Philippines (FMAP), Marmon Holdings, Inc., Philippine Association of Securities Brokers and Dealers, Inc. (PASBDI), Philippine Stock Exchange (PSE) and Trust Officers Association of the Philippines (TOAP).
The petitioners asked the high court to nullify Revenue Regulation (RR) 01-14, Revenue Memorandum Circular (RMC) No. 5-2014 and Securities and Exchange Commission Memorandum Circular No. 10 Series of 2014.
RR 1-2014 requires withholding agents to submit an “alphalist” of payees on income payment subject to creditable and final withholding taxes. In the Revenue Memorandum Circular which clarified the provisions of RR 1-2014, it is required that withholding agents indicate in the alphalist the tax identification numbers (TIN), complete names, income amount and tax withheld from its payees.
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