REVENUE REGULATIONS NO. 14-2023 issued on November 10, 2023 further amends the pertinent provisions of Revenue Regulations (RR) No. 2-98, as amended, by adding items (V) and (W) to impose Creditable Withholding Tax on certain income payments by joint ventures/
consortiums.
         The pertinent provisions of Section 2.57.2 of RR No. 2-98, as amended, is hereby further amended to read as follows:
                                  “Sec. 2.57.2. Income Payments Subject to Creditable Withholding Tax
          and Rates Prescribed Thereon. Except as herein otherwise provided, there shall be
          withheld a creditable income tax at the rates herein specified for each class of payee
          from the following items of income payments to persons residing in the Philippines:
                                                               xxx xxx xxx
                  (V) Income payments made by joint ventures/consortiums. – Income payments
          made by joint ventures, whether incorporated or not, taxable or non-taxable, to their
          local/resident supplier of goods and services, shall be subjected to the following
          Withholding Tax rates:
                                              Supplier of goods – One percent (1 %)
                                            Supplier of services – Two percent (2%)
                      (W) Distributive share of co-venturers/members from the net income of the
             joint venture/consortium not taxable as corporation. – On the share of
            each co-venturer/member from the net income of the joint venture/consortium not
            taxable as corporation prior to actual or constructive distribution thereof — Fifteen
            percent (15%)
                                                                xxx xxx xxx”