Advisories and Key Updates
Advisory on Revenue Regulation 16-2023
Updated 2 months ago | 2-minute read
Starting July 2024, GCash will implement Revenue Regulation (RR) No. 16-2023. This regulation mandates digital financial services providers like GCash to withhold a 1% tax on half of the total gross remittances to sellers for goods or services sold by or paid to merchants through GCash.
Affected Parties: All merchants currently registered with GCash, except those who have not derived an annual cumulative gross remittance of PHP 500,000. Merchants must submit a BIR-stamped Sworn Declaration to determine if they meet the threshold and are subject to withholding. Customers are not affected.
Next Steps: To comply with the regulation, merchants must submit the following documents: BIR Certificate of Registration (BIR Form No. 2303 / COR), Certificate of Tax Exemption or Proof of Lower Income Tax (if applicable), and a Sworn Declaration stamped by the BIR. Submit your requirements to GCash via this link.
For more details, refer to the full text of RR No. 16-2023 on the BIR's website.
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