By Zinnia B.
Dela Peña (The Philippine Star) | Updated June 17, 2013 - 12:00am
MANILA,
Philippines -The Bureau of Internal Revenue (BIR) has tightened its watch on
real estate brokers and agents to include them among professionals required to
withhold taxes to the government.
According to
Revenue Regulations 10-2013 issued May 2, licensed property practitioners
should automatically remit taxes worth 15 percent of their gross income per
year if the latter does exceeds P720,000.
The tax rate
is reduced to 10 percent if the income is higher, BIR said.
Likewise,
commissions earned by unlicensed real estate service practitioners will be
charged with 10-percent withholding tax.
These brokers are those who are not registered with the Professional
Regulation Commission.
The new
regulation shall take effect this month and cover income payments to certain
brokers and agents to be paid or payable starting June 1.
Income tax
payments should be remitted by next month, the tax bureau said.
BIR officials
could not be immediately reached for comment on the new regulations.
The BIR,
which accounts for nearly three-fourths of tax revenues, has been engaged on
tightening tax administration measures to address loopholes in and recoup
additional revenues.
It has also
been filing numerous tax evasion cases, mostly against professionals, under its
Run After Tax Evaders program.
_____________________________________________________________
