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

April 23, 2018BANK BULLETIN NO. 07-18TO:All Authorized Agent Banks   SUBJECT:New Withholding Tax Forms and the Corresponding Procedures for Updating the Limited Bank Data Entry System (LBDES) Pursuant to the implementation of Republic Act (R.A.) No. 10963, otherwise known as the Tax Reform Acceleration and Inclusion (TRAIN) Law and as clarified in Revenue Regulations (RR) No. 11-2018, the following new withholding tax forms have been formulated: 1.      BIR Form No. 1601 EQ — Quarterly Remittance Return of Creditable Income Taxes Withheld (Expanded)2.       BIR Form No. 1601 FQ — Quarterly Remittance of Final Income Taxes WithheldAccordingly, 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:FormCodeFormDescriptionTaxTypeTax Type DescriptionFrequency1601EQWithholding Tax QuarterlyWEWithholding Tax ExpandedQ1601FQWithholding Tax QuaterlyWFWithholding Tax FinalQFor further queries on the above procedures please contact Mr. Sean Neil S. Sabado of this Bureau's Systems Development Division (SDD) through telephone numbers 9251966 and 9817090 or email us at [email protected]For your guidance...