“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”