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