RMC No. 92-2025: Work-around Procedure for the Accomplishment of BIR Form No. 1602Q in Light of the Implementation of Republic Act No. 12214, also known as the “Capital Markets Efficiency Promotion Act (CMEPA)”

Summary

RMC No. 92-2025 provides work-around procedures for accomplishing BIR Form No. 1602Q after the increase in the tax rate on foreign currency deposits from 15% to 20% under RR No. 21-2025 and RA No. 12214 (CMEPA).

Key points

1. Use of BIR Form No. 0605. While BIR Form No. 1602Q is being revised in the systems, all eFPS and eBIRForms filers use BIR Form No. 0605 to file and remit the final withholding tax on foreign currency deposits.
2. Fields to fill. For ATC, enter MC200. For Tax Type, enter WB. For Manner of Payment, click the OTHERS box and type FWT CMEPA. Then click Validate.
3. Payment. eFPS filers pay online through the payment procedure. eBIRForms filers pay online through Maya (formerly Pay Maya), Landbank Electronic Payment Service (LBEPS) or BIR-DBP PayTax Online (BDPTO), or manually over the counter at Authorized Agent Banks.

Who is affected

• eFPS and eBIRForms filers remitting final withholding tax on foreign currency deposits

Deadlines and effectivity

• In effect pending the revision of BIR Form No. 1602Q in the systems

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.