Summary
RMO No. 27-2012 creates the Alphanumeric Tax Code (ATC) for certain income payments subject to Expanded Withholding Tax under RR No. 14-2012.
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Key points
- Covered payments. The new codes apply to interest income from debt instruments not within the coverage of deposit substitutes and RR No. 14-2012, subject to Creditable/Expanded Withholding Tax.
- Codes and rates. WI 710 applies to individuals and WC 710 to corporate payees, each at 20%. Both are reported on BIR Forms 1601-E and 2307.
Who is affected
- Payors and payees of interest on debt instruments outside deposit substitutes
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.