ON NOVEMBER 27, 2020, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 125-2020 to inform the public on the availability of the new BIR Form 1601-C (Monthly Return of Income Taxes Withheld on Compensation) January 2018 (ENCS) in the Electronic and Payment System (eFPS).
Thus, withholding agents /payors who are using eFPS must now use the BIR Form 1601-C January 2018 (ENCS) in filing and remitting the taxes withheld on compensation in accordance with the business industry as set forth in Revenue Regulations 26-2002.
Please be guided accordingly.
Source: P&A Grant Thornton Certified Public Accountants
As published in SunStar Cebu, dated 10 December 2020
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