So we have just filed our first BIR Form No. 1601EQ. It would be hard to miss that the new expanded withholding tax rates for individuals are already reflected in the new form pursuant to Revenue Regulations No 11-2018 (RR 11-2018) and Revenue Regulations 14-2018 (RR 14-2018). Here’s a comparison between the new tax rates and the old ones.
New Expanded Withholding Tax Rates
The new BIR Form No. 1601EQ as well includes new alphanumeric tax codes (ATC) to implement further the provisions in Republic Act No. 10963 (TRAIN Law).
New Alphanumeric Tax Codes
For a complete list of the updated alphanumeric tax codes for expanded withholding tax for individuals, click here.