In the accounting books of the taxpayer, it is included under the assets section, as Form 2307 is reflected as income tax pre-payments. The income tax pre-payments are deductible from your income tax during the quarterly and annual income tax return. Since Form 2307 functions as income tax credits, it is imperative that the payee takes note of it when accomplishing Income Tax Returns as it is a legit proof of the withholding tax. Otherwise, you will not be permitted to claim your tax credit. Who are required to withhold the EWT All registered taxpayers are required to withhold following the items subject for EWT.Aside from that, Revenue Regulations (RR) No. 11-2018 basically provides the list of taxpayers directed to withhold the EWT from the income payments to regular suppliers at 2 on services and 1 on goods. These taxpayers are identified as the Top Withholding Agents (TWA). If you received BIR Form 2307, here’s what you need to do. To ensure that the amount of withholding tax will be properly accepted as a tax credit on the income tax liability, make sure that you duly submit Form 2307 along with the QuarterlyAnnual Income Tax Return. Always take note of the .Below are the forms to which the certificate should be attached:Income Tax ReturnsExpanded Withholding Tax (EWT)Percentage TaxVAT WithholdingOn top of this, you need to enter this in your SAWT or which is done on a monthly basis. This serves as the detail list of certificates your company received for the month. My company was the one who issued the 2307 form. Are we done then Nope. As the withholding agent, there are still quite a few forms that you need to accomplish and submit the following:1. 0619E Monthly Remittance of Creditable Income Tax WithheldSo you withheld taxes. That’s not yours to keep. You need to remit the money together with this payment form through BIR’s authorized agent banks.2. 1601-EQ Quarterly Remittance Return of Creditable Income Taxes WithheldThis is the summarized quarterly ve rsion of taxes withheld.3. QAP Quartelry Alphalist of PayeesYou also need to provide details of the summarized quarterly version, what is usually called an alphalist of payees from which you withheld taxes. This is what they call the attachment or supporting list for the 1601-EQ. If you add the transaction totals of the QAP, it should match the numbers reported on the 1601-EQ.4. 1604-E Annual Information Return of Creditable Income Tax Withheld (Expanded) Income Payments Exempt from Withholding TaxesThis is the annualized version of the taxes withheld for the year.5. Alphalist of Payees AnnualizedAt the end of the year, you need to submit to the government the Alphalist of Payees that was paid for the whole year. How can we automate the tedious task of entering and generating these reports Yes, we understand how difficult and time-consuming these tasks are, but it’s the law and you need to abide by it. However, we can actually make things easier for you How Here at JuanTax, all you ne ed to do is just enter or upload a particular transactions once. Once we have the required information, everything will be automated. No need for you to track these confusing forms. In the accounting books of the taxpayer, it is included under the assets section, as Form 2307 is reflected as income tax pre-payments. The income tax pre-payments are deductible from your income tax during the quarterly and annual income tax return. Since Form 2307 functions as income tax credits, it is imperative that the payee takes note of it when accomplishing Income Tax Returns as it is a legit proof of the withholding tax. Otherwise, you will not be permitted to claim your tax credit. Who are required to withhold the EWT All registered taxpayers are required to withhold following the items subject for EWT.Aside from that, Revenue Regulations (RR) No. 11-2018 basically provides the list of taxpayers directed to withhold the EWT from the income payments to regular suppliers at 2 on services and 1 on goods. These taxpayers are identified as the Top Withholding Agents (TWA). If you received BIR Form 2307, here’s what you need to do. To ensure that the amount of withholding tax will be properly accepted as a tax credit on the income tax liability, make sure that you duly submit Form 2307 along with the QuarterlyAnnual Income Tax Return. Always take note of the .Below are the forms to which the certificate should be attached:Income Tax ReturnsExpanded Withholding Tax (EWT)Percentage TaxVAT WithholdingOn top of this, you need to enter this in your SAWT or which is done on a monthly basis. This serves as the detail list of certificates your company received for the month. My company was the one who issued the 2307 form. Are we done then Nope. As the withholding agent, there are still quite a few forms that you need to accomplish and submit the following:1. 0619E Monthly Remittance of Creditable Income Tax WithheldSo you withheld taxes. That’s not yours to keep. You need to remit the money together with this payment form through BIR’s authorized agent banks.2. 1601-EQ Quarterly Remittance Return of Creditable Income Taxes WithheldThis is the summarized quarterly ver sion of taxes withheld.3. QAP Quartelry Alphalist of PayeesYou also need to provide details of the summarized quarterly version, what is usually called an alphalist of payees from which you withheld taxes. This is what they call the attachment or supporting list for the 1601-EQ. If you add the transaction totals of the QAP, it should match the numbers reported on the 1601-EQ.4. 1604-E Annual Information Return of Creditable Income Tax Withheld (Expanded) Income Payments Exempt from Withholding TaxesThis is the annualized version of the taxes withheld for the year.5. Alphalist of Payees AnnualizedAt the end of the year, you need to submit to the government the Alphalist of Payees that was paid for the whole year. How can we automate the tedious task of entering and generating these reports Yes, we understand how difficult and time-consuming these tasks are, but it’s the law and you need to abide by it. However, we can actually make things easier for you How Here at JuanTax, all you nee d to do is just enter or upload a particular transactions once. Once we have the required information, everything will be automated. No need for you to track these confusing forms.