THE Bureau of Internal Revenue (BIR) recently issued Revenue Memorandum Circular 100-2019, prescribing the use of revised BIR Form 2316 (Certificate of Compensation Payment/Tax Withheld) January 2018, which was amended due to the implementation of Republic Act 10963, also known as the Tax Reform for Acceleration and Inclusion Law.
The revisions to BIR Form 2316 include the removal of the personal exemptions status and qualified dependents and the removal of the total exemptions amount under Part IV-A.
The revised BIR Form 2316 shall be accomplished by the employer and shall be issued to each employee receiving salaries, wages and other forms of remuneration indicating the total amount paid and the taxes withheld during the calendar year.
Please be guided accordingly.
Source: P&A Grant Thornton
Certified Public Accountants
As pbulished in SunStar Cebu, dated 08 October 2019