New/Revised Withholding Tax Forms and the Corresponding Procedures for Updating the Limited Bank Data Entry System (LBDES)

April 30, 2018BANK BULLETIN NO. 12-18TO:All Authorized Agent Banks   SUBJECT:New/Revised Withholding Tax Forms and the Corresponding Procedures for Updating the Limited Bank Data Entry System (LBDES) Pursuant to Republic Act (R.A.) No. 10963, otherwise known as the Tax Reform Acceleration and Inclusion (TRAIN) Law and as clarified in Revenue Regulations (RR) 11-2018, the following new/revised withholding tax forms have been prepared and modified: DETACa1. BIR Form No. 1601 C — Monthly Remittance Return of Income Taxes Withheld on Compensation.2. BIR Form No. 1602 Q — Quarterly Remittance Return of Final Income Taxes Withheld on Interest Paid on Deposits and Deposits Substitutes/Trust/ Etc.3. BIR Form No. 1603 Q — Quarterly Remittance Return of Final Income Taxes Withheld on Fringe Benefits Paid to Employees Other than Rank and File.Accordingly, all AABs are hereby advised to follow the procedures in Bank Bulletin No. 2018-01 for the updating of the BIR Forms in the forms codes table under the Limited Data Bank Entry System (LBDES) as shown below:FormCodeForm DescriptionTaxTypeTax TypeDescriptionFrequency1601 CMonthly Remittance Return of Income Taxes Withheld on CompensationWCWithholding...