Practice question
An agent furnishes recipient certificates but files no required annual information return, claiming the certificates alone necessarily discharge that separate obligation. Which is best?
- Certificates to recipients automatically satisfy every required annual filing in all cases.
- Annual information returns may never list payees.
- The certificates convert all taxes into final withholding.
- Only the payee's citizenship determines whether the agent must report.
- Recipient statements and the annual return to the Commissioner are distinct statutory duties.
Legal references
- NIRC Sections57-58,105-106 and110: https://lawphil.net/statutes/repacts/ra1997/ra_8424_1997.html
- RA11976, Sections9-10, current NIRC58(E) credit/refund conditions and trust-fund rule: https://lawphil.net/statutes/repacts/ra2024/ra_11976_2024.html
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