The Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Circular (RMC) No. 88-2021 circularizing the lists of Top Withholding Agents (TWAs) required to deduct and remit the 1% or 2% Creditable Withholding Tax (CWT) for the purchase of goods and services under Revenue Regulations No. 31-2020.
The obligation to deduct and remit the CWT shall continue, commence or cease, as the case may be effective August 1, 2021. Any taxpayer not found in the published list of TWAs is deemed excluded.