![]() On the other hand, ATC for corporations filing professional tax is WC010 to WC081, depending on the professional services rendered. The Alphanumeric Tax Code (ATC) for filing professional withholding tax is WI010 to WI091 for services rendered to individuals. However, if the professional fees rendered to a corporation are less than seven hundred twenty thousand (720,000) is subject to ten percent (10%) expanded withholding tax.Professional fees rendered to a corporation or partnership are subject to fifteen percent (15%) if the gross income exceeds seven hundred twenty thousand (720,000).Professional fees rendered to an individual are subject to ten percent (10%) if the annual gross income is more than three million (3M) or to a VAT registered person regardless of the amount.Professional fees rendered to individuals are subject to five percent (5%) if the annual gross income is less than three million (3M).The tax is withheld by the payer when the payment is made, and it is remitted to the Bureau of Internal Revenue (BIR) along with the payer’s other tax obligations. The Professional Fee Withholding Tax is calculated at a rate of 5%-15% of the gross payment, depending on the type of professional services rendered. Related: How To Register in BIR as a Freelancer Guide 2021 How is Professional Fee Withholding Tax Calculated? ![]() Fees of Director who are not employees of the company.Insurance agents and insurance adjusters.Business and Bookkeeping agents and agencies.All directors and producers involved in movies, stage, television, and musical productions.Professional athletes, including basketball players, pelotaris, and jockeys. ![]() Professional entertainers such as, but not limited to actors and actresses, singers, lyricists, composers, emcees.Doctors, lawyers, accountants, engineers, and architects.The Professional Fee Withholding Tax applies to any individual who renders professional services and is engaged in a business or profession. Related: How to Apply for PRC Online Appointment Who is Required to Pay Professional Fee Withholding Tax? ![]() The Professional Fee Withholding Tax is a tax on payments made for professional services rendered by individuals engaged in a business or profession. Let’s get started! What is Professional Fee Withholding Tax? This tax applies to any fees or other payments you receive for your services, and it’s essential to know how to calculate and pay it correctly.This blog post will give you an overview of the PFWT and show you how to file your taxes correctly. If you’re a professional in the Philippines, you need to know about the Professional Fee Withholding Tax (PFWT). ![]()
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