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Help Document

Withholding Tax


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Withholding Tax is an income tax to be paid to the government by the payer of the income rather than by the receiver of the income. For instance, you purchase an item to your supplier, the total amount that you'll gonna pay to the supplier for your purchase will be deducted depending to the amount of the withholding tax rate declared on the selected account.

A list of withholding tax codes along with the rates and nature/desciption of the taxes can be viewed through the Thumbtax system.

You may also add additional withholding tax codes in the list,

  • Head to the Accounting tab and select Withholding Tax Code.
  • Click Add New WTax Code.

The rate of withholding taxes depends on the type of the supplier, either individual or corporation.

  • Enter the code, rate and nature of income of the WTax. Tax codes can be the same for an individual supplier and corporation but will be different on the rate and nature of the withholding tax.
  • Click Add WTax Code to save.
Note:
You can generate BIR Reports for your Withholding Taxes through Thumbtax. Learn more about BIR Reports.

To edit a withholding tax code,

  • Click the table row of the withholding tax code.
  • Click Save Changes upon updating.

To delete,

  • Click icon.
  • A pop-up window will appear to confirm your deletion, click OK.


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