Updated withholding tax provisions on the refund and interest income on the refund paid by MERALCO and other DUs
(Revenue Regulations (RR) No. 15-2022, issued on December 09, 2022)
This Tax Alert is issued to inform all concerned on the updated withholding tax rules on refunds and the related interest income payable by MERALCO and other electric Distribution Utilities (DUs).
Pursuant to the provisions of TRAIN Law, withholding tax rates shall not be less than one percent (1%) but not more than fifteen percent (15%) of the income payment,
RR No. 15-2022 further update the provisions of RR No. 01-2019, as follows:
These regulations are effective beginning December 3, 2022.
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