RMC No. 60-2014: Clarifies the applicability of RMC No. 8-2014 to General Professional Partnership in relation to RMC No. 3-2012

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Summary

RMC No. 60-2014 clarifies that RMC No. 8-2014 does not apply to General Professional Partnerships (GPPs), in relation to RMC No. 3-2012.

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Key points

  1. No exemption certificate needed. The requirement under RMC No. 8-2014 to present a tax exemption certificate or ruling does not apply to GPPs.
  2. Basis in RMC No. 3-2012. RMC No. 3-2012 discussed that income payments to a GPP for its professional services are not subject to Income Tax. They are therefore not subject to the Withholding Tax in Revenue Regulations No. 2-1998, as amended.

Who is affected

  • General Professional Partnerships

Deadlines and effectivity

  • Issued July 24, 2014

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.