Summary
RMC No. 56-2009 prescribes the use of the updated Government Money Payment Chart, amending RMC No. 5-2006, to implement Sections 2.57.2, 4.114 and 5.116 of RR No. 2-98, as amended by RR No. 16-2005.
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Key points
- What the chart covers. The Government Money Payment Chart sets the withholding tax rates, creditable and final, for computing taxes withheld on sales of goods and services to the government. This includes political subdivisions, barangays, instrumentalities, agencies and government-owned or controlled corporations.
- Update. The chart under RMC No. 5-2006 is updated and amended. The new chart reflects the rates in RR Nos. 12-2001, 14-2002, 17-2003, 30-2003, 16-2005 and other related issuances.
- Legal basis. The circular relates to Sections 57(B), 114(C) and 116 to 123 of Republic Act No. 8424, as amended by RA No. 9337.
Who is affected
- Sellers of goods and services to the government and its entities
Deadlines and effectivity
- Issued October 5, 2009
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.