Summary
RMO No. 1-2002 renames and creates Alphanumeric Tax Codes (ATCs) for Withholding, Value-Added and Percentage Taxes.
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Key points
- Final income tax on pre-terminated deposits. For individuals, the ATC for 12% tax rates is renamed from WI 440 to WI 441. The ATC for 5% tax rates is renamed from WI 440 to WI 442.
- Percentage Tax on foreign insurance. The ATC for insurance agents (5%) is renamed from PT 130 to PT 131. The ATC for owners of property obtaining insurance directly with foreign insurance companies (5%) is renamed from PT 131 to PT 132.
- New VAT on manufacturing ATCs. VM 110 is for alcohol, VM 120 for petroleum and VM 130 for automobiles. VM 140 is for non-essentials (excisable goods), VM 150 for pharmaceuticals and VM 160 for sugar.
Who is affected
- Individuals with pre-terminated long-term deposits/investments
- Agents of foreign insurance companies
- Owners of property insuring directly with foreign insurance companies
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.