Summary
RMO No. 14-2024 creates Alphanumeric Tax Codes (ATC) for creditable withholding tax on certain income payments by joint ventures and consortiums, following RR No. 14-2023.
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Key points
- Payments to suppliers of goods. Income payments by joint ventures, whether incorporated or not, taxable or non-taxable, to local/resident suppliers of goods carry 1%. The ATCs are WI750 for individuals and WC730 for corporate suppliers.
- Payments to suppliers of services. Income payments by joint ventures to local/resident suppliers of services carry 2%. The ATCs are WI760 for individuals and WC740 for corporate suppliers.
- Share of co-venturers. The share of each co-venturer or member in the net income of a joint venture or consortium not taxable as a corporation, before actual or constructive distribution, carries 15% for corporate recipients under ATC WC750.
- Legal basis and forms. The legal basis is RR No. 14-2023. The related BIR forms are 1601-EQ and 2307.
Who is affected
- Joint ventures and consortiums
- Their local/resident suppliers and co-venturers
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.