The withholding tax
imposed on 'C' and 'D' category licences have increased from Rs5,000 to Rs50,000 per annum.
Finance Undersecretary Antonette Tionko, who recommended the approval of the new RR, said the withholding tax
on the interest income on the refund of meter deposits paid to residential and general service customers whose monthly consumption exceeds 200 kilowatts per hour will be retained at 10 percent.
There are, however, other peculiarities in this final withholding tax
approach that may be clarified further through the implementing rules and regulations (IRR).
The government imposed 0.6 percent withholding tax
on banking transactions on withdrawal of more than Rs 50,000 in the budget for fiscal year 2016 which was reduced subsequently to 0.3 percent due to protests of traders.
What the ruling definitively establishes is that the PEACe bonds are not subject to the withholding tax
. Equally important for the government to consider is that the 6-percent interest per annum will continue to accrue from October 19, 2011 until full payment of the withholding tax
In a review petition, the government again requested to allow withholding tax
on dividends as pass-through without any caps.
111-147), payments made to certain foreign persons may be subject to a 30% gross basis withholding tax
. This tax applies to payments of FDAP income and to gross proceeds from the sale of securities that generate U.S.-source interest and dividend income.
Prior to the 2010-2011 budget, the withholding tax
was collected along with the monthly electricity bills of commercial and industrial consumers in 12 categories based on the total amount of the bill.
The withholding tax
on interest income of those foreigners from short-term bills, asset-based securities, bonds, and structured notes, for instance, will be cut to 15%, while that on salary income and retirement pay will be lowered to 18%.
The future implementation of the 3% withholding tax
on most government contracts is authorized by section 511 of the Tax Increase Prevention and Reconciliation Act of 2005 (P.L.
Belgium, Luxembourg and Austria will apply a 15% withholding tax
for the first three years (2005-2007), 20% over the next three years (2008-2010) and 35% after 2011.
A phone call to the Franchise Tax Board brought a solution to this dilemma: Two forms were required--Form 592, Nonresident Withholding Annual Return, and Form 592-B, Nonresident Withholding Tax