A "50 Tawi" or "Withholding Tax Certificate under Section 50 bis of the Revenue Code" is a document issued by the payer who has withheld tax at source to the payee. This certificate serves as evidence for the payee to show that tax has been deducted and remitted to the Revenue Department. It helps to manage the tax burden for those with income, as paying taxes once a year in a lump sum could be too burdensome or might lead to tax evasion. Therefore, a portion of the income is withheld as tax, known as withholding tax, and the details of this deduction are specified in the "50 Tawi"

The preparation of Form 50 Twi will be done in two copies, consisting of

The first copy is labeled as 'For the recipient of the withholding tax to attach with the tax return filing.

The second copy is for the recipient of the withholding tax to keep as evidence.

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What are the benefits of Form 50 Twi?

1.Tax Filing: It serves as evidence that the income earner can use to file their annual tax return with the Revenue Department, to calculate the tax payable or to request a tax refund.

2.Verify Tax Withholding: It helps the income earner verify that the tax withheld at source is in accordance with the law.

3.Request a Tax Refund: If excess tax has been withheld, the income earner can use Form 50 Twi to request a refund for the overpaid tax from the Revenue Department.

4.Proof of Income: It serves as evidence showing the source and amount of income earned by the income earner.

5.Used in Financial Transactions: Sometimes banks or financial institutions may require Form 50 Twi for loan considerations or other transactions.

When will Form 50 Twi be received?

1.In the case of salary, wages, commissions, gratuities, etc., it will be issued by February 15 of the year following the year in which the tax was withheld. If the recipient of the withholding tax leaves their job during the year, Form 50 Twi will be issued within one month from the date of their departure.

2.In the case of other payments, such as freelancers, it is issued immediately whenever tax is withheld at source.

If an employee's Form 50 Twi is lost or damaged.

In such cases, the employee (payee) can request the employer (payer) to issue a 'Replacement Form 50 Twi'. The employer responsible for issuing the replacement form can do so by using a method of document duplication, such as making a photocopy of the certified copy of the withholding tax certificate or Form 50 Twi, with the text 'Replacement' placed at the top of the document. The employer, who is responsible for issuing the tax withholding certificate, must also personally certify the document by signing it.

Form 50 Twi or the Certificate of Tax Deduction at Source is a crucial document issued by the employer once, serving as evidence of tax withholding at source provided to employees for use in filing individual income tax returns at the end of the year (PND 90/91).