Summary
RMC No. 62-2004 prescribes the use of the Government Expense Code implementing Sections 2.57.2, 4.114 and 5.116 of RR No. 2-98, in relation to Sections 57(B), 114(c) and 116 to 123 of Republic Act No. 8424.
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Key points
- Revised code. The revised Government Expense Code takes into account the new rates in RR Nos. 12-2001, 14-2002 and 30-2003.
- Use. It is used to compute taxes withheld at source on sales of goods and services to the government or its political subdivisions, including barangays, instrumentalities, agencies and GOCCs. This covers creditable Income Tax, VAT and Percentage Tax.
Who is affected
- Government offices and entities buying goods and services
- Sellers of goods and services to the government
Deadlines and effectivity
- Effective beginning January 1, 2004
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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