Summary
RMO No. 54-2019, issued October 31, 2019, modifies the Alphanumeric Tax Code (ATC) for Value-Added Tax (VAT) under Revenue Regulations No. 8-2002.
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Key points
- Revised ATC descriptions. A table sets the existing ATC descriptions per the ATC Handbook against modified or new descriptions. For example, VB102 changes from Dealers on Securities/Lending Investors to Lending Investors/Dealer in Securities/Pawnshops/Pre-Need Co.
- Other examples. VB105 and VB108, Operators of Common Carriers on cargo (land based and aircraft), become Transport Storage and Communications for Land Transport-Cargo and Air Transport-Cargo. VH010, On Community, Personal and Household Services, becomes Other Community Social and Personal Service Activity.
- Forms and rate. The listed codes use BIR Form Nos. 2550M/2550Q at a tax rate of 12%.
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.