Section 9
SEC. 9. Section 58 of the National Internal Revenue Code of 1997, as amended, is hereby further amended to read as follows: "SEC. 58. Returns and Payment of Taxes Withheld at Source. - (A) Quarterly Returns and Payments of Taxes Withheld. - Taxes deducted and withheld under Section 57 by withholding agents shall be covered by a return and paid to, either electronically or manually, except in cases where the Commissioner otherwise permits, any authorized agent bank, Revenue District Office through Revenue Collection Officer, or authorized tax software provider. x x x (B) x x x (C) Timing of Withholding Taxes. - The obligation to deduct and withhold the tax arises at the time the income has become payable. (D) Annual Information Return. - (E) Income of Recipient. - Income upon which any creditable tax is required to be withheld at source under Section 57 shall be included in the return of its recipient but the excess of the amount of tax so withheld over the tax due on his return shall be refunded to him subject to the provisions of Section 204; if the income tax collected at source is less than the tax due on his return, the difference shall be paid in accordance with the provisions of Section 56. Claims for tax credit or refund of any creditable income tax which was deducted and withheld on income payments shall be given due course only when it is shown the the income payment has been declared as part of the gross income and the fact of withholding is established. Claims for tax credit of any credible income tax deducted and withheld in a previous period can still be creditable in the subsequent calendar of fiscal year: Provided, That the same has been declared in the tax return where the corresponding income is reported. All taxes withheld pursuant to the provisions of this Code and its implementing rules and regulations are hereby considered trust funds and shall be maintained in a separate account and not commingled with any other funds of the withholding agent. (F) Registration with Register of Deeds. - x x x."