Do you know what e-Withholding Tax is ❓

Do you know what e-Withholding Tax is ❓

🔹 What is e-Withholding Tax and how is it useful? Today we are going to learn together.

e-Withholding Tax is an electronic version of the Revenue Department's withholding tax management service to adapt to the current COVID-19 epidemic situation. who has a duty to withhold at source can make transactions by themselves through the following steps

The first step, the payer notifies the transaction and the amount to be transferred for goods and services. including withholding tax to the bank that is the service provider E-Withholding Tax

Step 2 The bank will process withholding tax according to the amount notified. Submit tax returns and prepare such tax deduction information for submission to the Revenue Department.

Step 3 After that, the bank will transfer the value of goods and services after withholding tax to the beneficiary's account. as well as informing the recipient of the money transfer receipt and tax deduction as evidence The payee can check the evidence on the website of the Revenue Department.

🔹Advantages of e-Withholding Tax

- Taxpayers can access information quickly and accurately.

- Transparency, taxpayers can check

- Reduce the process of doing transactions

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