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The role of tax practitioners and tax agents is vital to businessmen. Through the years taxation in the Philippines has undergone several changes. Thus there is a need to offer a comprehensive taxation program for tax practitioners and tax agents.
Withholding tax is the method of collecting income tax in advance from the taxable income of the recipient of income. It is pertinent that tax practitioner, and those who are constituted as withholding agents, determine when to deduct and withhold, as well as identify the persons exempt from withholding tax. Withholding tax system is an effective tool in the collection of taxes for the following reasons:
- It encourages voluntary compliance
- It reduces cost of collection effort
- It prevents delinquencies and revenue loss, and
- It prevents dry spell in the fiscal condition of the government by providing revenues throughout the taxable year
This program is intended as a comprehensive design of taxation topics to include all relevant Revenue Regulations and Memoranda on tax practice, income tax, withholding tax, value added tax, other tax updates, and disclosures in the financial statements.
