The Department of Finance (DOF) recently issued Revenue Regulations (RR) 1-2019, amending the creditable withholding tax (CWT) rates on refunds paid by the Manila Electric Co. (Meralco) to its customers. The regulation’s effectivity date is Jan. 1, 2019.
The refund pertains to rate increase fees and meter deposits that Meralco is currently refunding to its customers. At this rate, it would be worthwhile to take a closer look at how the Meralco refund came about, in relation to previous Bureau of Internal Revenue (BIR) regulations issued on these issues.