What are Withholding Taxes | ANO ANG WITHHOLDING TAX NG BIR

The tax withholding system is a system of collecting taxes at the source. This video talks about what is withholding tax, kinds of withholding taxes such as expanded withholding tax and final withholding tax. This is connected to taxpayers classified as pure-compensation income earners, business income earners or mixed income earners. This video talks about: how to calculate withholding tax tax withholding explained tax withholding explained 2024 📚IMPORTANCE OF WITHHOLDING TAX SYSTEM It encourages voluntary compliance; It reduces cost of collection effort; It prevents delinquencies and revenue loss; and It prevents dry spell in the fiscal conditions of the government by providing revenues throughout the taxable year. 📚PERSONS REQUIRED TO WITHHOLD WITHHOLDING TAXES Individuals engaged in business or practiced of profession Non-individuals (corporations, associations, partnertship, cooperatives) whether engaged in business or not Government agencies and its instrumentalities (National Government Agentcies (NGAs), Government-owned or Controlled Corporations (GOCCs), Local Government Units including Baranggays (LGUs 📚 A WITHHOLDING AGENT - is any person or entity who is in control of the payment subject to withholding tax and therefore is required to deduct and remit taxes withheld to the government. ======================== 🔗 Videos to Watch!! Withholding Tax on Salary -    • How to Compute Tax on Monthly Salary | Mon...   Expanded Withholding Tax -    • Expanded Withholding Tax Explained   Final Tax -    • Final Tax Explained (TRAIN LAW)   https://www.bir.gov.ph/index.php/tax-... ======================== ⌚️ Time Stamps: 00:00​ Intro 00:15 What is Withholding Tax 01:07 Kinds of Withholding Tax 02:01​​ Compensation or Wages 02:47 Substituted Filing 03:55 Expanded Withholding Tax 04:36 Final Withholding Tax 05:43 Outro ==================== 📱Social Media: Tiktok/taxtutsph facebook.com/gerardqctutorials instagram.com/gerard_carpizo twitter.com/gerardcarpizo ===================== Disclaimer: This video is mainly for academic purposes and is not a substitute in doing your due diligence. For highly technical tax issues, you are advised to seek professional assistance or contact BIR for proper tax compliance.