March 31, 2015
Visayan Daily Star by Carla Gomez | http://goo.gl/wKJFNp
Rep. Alfredo Abelardo Benitez (Neg. Occ., 3 rd District) said he met with Bureau of Internal Revenue chief Kim Henares yesterday and she assured that she will come out soon with a new revenue regulation exempting all small planters with annual gross revenue of P300,000 and below from filing monthly BIR requirements stipulated in Revenue Regulation 11-2014.
RR 11-2014 imposes a 1 percent creditable withholding tax on locally produced raw sugar and molasses upon withdrawal from the mills, and small farmers, many of whom are agrarian reform beneficiaries, have slammed the BIR for the requirements it had imposed that hampered the buying and release of their sugar from the mills.
Benitez said Henares told him the monthly reports to the BIR and issuance of official receipts under RR 11-2014 will be lifted for small farmers with gross revenue of P300,000 and below, but they still have to get Taxpayer Identification Numbers.
Without TINs their 1 percent tax payment on sugar withdrawn will not be reflected, Benitez explained.