I receive a news letter from a Network Blog. about a increase of TAX.
To all bloggers,
As we constantly cooperate with government agencies and institutions in order to provide better reporting and transparency with our network of bloggers, we have been advised by the Bureau of Internal Revenue to increase the withholding tax from the current 2% to 15%.
In this respect, we will apply the required 15% withholding tax on all payouts to bloggers in our network effective immediately.
In return, we will also provide for a Certificate of Creditable Tax Withheld at Source (BIR Form 2307) to reflect the amount withheld and remitted to the revenue bureau.
You may then use the Form 2307 as proof of partial tax payments when you file your returns.
Despite all these being performed, professional bloggers should be reminded that they are still required to file an income tax return to report income and to pay the difference between the tax withheld and the tax due on the income.