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RMO No. 67-2016: Creates and modifies the description of Alphanumeric Tax Code (ATC) for pure business

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Summary

RMO No. 67-2016 creates a new Alphanumeric Tax Code (ATC) and modifies the description of an existing ATC for pure business.

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Key points

  1. Created ATC. ATC II014, Income from Profession, with tax rate 5% – 32% under Sec. 32(A)(2) of the NIRC, used with BIR Form 1701.
  2. Modified ATC. ATC II012, formerly described as Pure Business, is now described as Business Income. The rate is 5% – 32% under Sec. 32(A)(2) of the NIRC, used with BIR Form 1701.

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