by Ramon Christopher Ganan
Under the National Internal Revenue Code, as amended (Tax Code), filing a claim for refund / issuance of tax credit certificate tax payers with excess Creditable Withholding Tax (CWT) credits.
In order to be entitled for a refund or issuance of TCC, prevailing jurisprudence provided the following requirements that must be complied with: 1) The claim for refund / issuance of TCC should be filed within two years as prescribed under the Tax Code. 2) The income payments received are included as part of the gross income declared in the return of the taxpayer. And 3) The fact of withholding is established by a copy of a statement duly issued by the payor (withholding agent) to the payee showing the amount paid and the amount of tax withheld therefrom.