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RMO No. 40-2024: Modification of Alphanumeric Tax Code of selected revenue source under Republic Act No. 11534, otherwise known as Corporate Recovery and Tax Incentives for Enterprise Act

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Summary

RMO No. 40-2024 modifies the Alphanumeric Tax Codes (ATC) of selected revenue sources under RA No. 11534 (CREATE Act).

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Key points

  1. Dividends to NRFCs. ATC WC212 (cash dividend payment by a domestic corporation to NRFCs) and WC213 (property dividend payment to NRFCs) are listed with an existing rate of 30% and a modified rate of 25%.
  2. Other payments to NRFCs. ATC WC230, for other payments to NRFCs, is listed with an existing rate of 30% and a modified rate of 25%.
  3. Form and basis. The changes are listed against BIR Form No. 1601-FQ/2306, with RR No. 2-2021 as legal basis.

Who is affected

  • Domestic corporations paying dividends and other payments to NRFCs

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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CitesRR No. 2-2021

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.