Summary
RMO No. 79-2010 modifies the description of the Alphanumeric Tax Code (ATC) for Life Insurance Premiums, pursuant to Revenue Memorandum Circular No. 22-2010.
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Key points
- Percentage tax code PT120. The existing entry was a 5% tax on life insurance premiums under Section 123 of RA No. 8424 and Section 2 of RR No. 4-2002. The modified entry is a 2% tax under Section 1 of RA No. 10001, with BIR Form No. 2551M.
- Documentary Stamp Tax code DS109. The existing entry was P0.50 per P200 or fractional part of the premium collected, under Section 7 of RA No. 9243 and Section 7 of RR No. 13-2004. The modified entry is a tiered tax on life insurance policies under Section 3 of RA No. 10001, with BIR Form No. 2000.
- DST tiers by amount of insurance. Not exceeding P 100,000: exempt. Over P 100,000 up to P 300,000: P 10.00. Over P 300,000 up to P 500,000: P 25.00. Over P 500,000 up to P 750,000: P 50.00. Over P 750,000 up to P 1,000,000: P 75.00. Over P 1,000,000: P 100.00.
Who is affected
- Life insurance companies and policy issuers
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.