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RMO No. 36-2019: Modifies the Alphanumeric Tax Code for Percentage Taxes under Republic Act No. 10001 entitled “An Act Reducing Taxes on Life Insurance Policies, Amending for this Purpose sections 123 and 183 of the NIRC 1997, as Amended”

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Summary

RMO No. 36-2019 modifies the Alphanumeric Tax Codes (ATCs) for Percentage Taxes under RA No. 10001, which reduces taxes on life insurance policies by amending Sections 123 and 183 of the NIRC.

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Key points

  1. Life insurance premium. ATC PT120 moves from a 5% existing rate to a 2% rate.
  2. Agents of foreign insurance companies. ATC PT130, for insurance agents, moves from a 10% existing rate to a 4% rate.
  3. Forms. The tax codes are used in BIR Form Nos. 2551M and 2551Q.

Who is affected

  • Life insurance premium taxpayers
  • Insurance agents of foreign insurance companies

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.

Related issuances (1)

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CitesRMO No. 34-2020

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.