Philippines Tax Agency Issues Circular Clarifying Mandatory Requirements for Unutilized Creditable Withholding Tax

The Philippine Bureau of Internal Revenue Feb. 19 issued Revenue Memorandum Circular No. 14/2025, clarifying the mandatory requirements for claiming the tax credit or refund of excess and unutilized creditable withholding taxes on income. The clarification includes: 1) the verification process for scanned, facsimile, or photocopies of BIR Form No. 2307 for tax credit claims; 2) the applicability of Section 76(C) of the Tax Code to corporate claimants and Section 58(E) for individual taxpayers; 3) the restriction on amending tax returns for the same period after filing a claim for the income tax credit or issuing an electronic letter of ...