06-02-2019, 02:28 PM
It refers to expenses incurred by a taxpayer in connection with the conduct of his trade, business or exercise of profession, in entertaining, providing amusement and recreation to or meeting with guests at a dining place, place of amusement, country club, theater, concert, play, sporting event and similar events or places.
-RR10-2002
Requisites for deductibility
.
.
g. The appropriate amount of withholding tax, if applicable, should have been withheld therefrom and paid to the BIR (Sec. 4, RR10-2002)
Limits - RR10-2002
-Taxpayers in sales of goods/properties - 0.50% of net sales
-Taxpayers in sales of services - 1% of net revenues
-RR10-2002
Requisites for deductibility
.
.
g. The appropriate amount of withholding tax, if applicable, should have been withheld therefrom and paid to the BIR (Sec. 4, RR10-2002)
Limits - RR10-2002
-Taxpayers in sales of goods/properties - 0.50% of net sales
-Taxpayers in sales of services - 1% of net revenues