Summary
RMO No. 2-2002 renames certain Alphanumeric Tax Codes (ATCs) for Creditable Withholding Tax on professional and talent fees paid to individuals.
Key points
- Renamed ATCs at the 20% rate. Professional entertainers change from WI020 to WI021. Professional athletes, including basketball players, pelotaris and jockeys, change from WI030 to WI031.
- Directors and talent fee recipients. Directors in movies, stage, radio, television and musical productions change from WI040 to WI041. Other recipients of talent fees change from WI080 to WI081.
Who is affected
- Professional entertainers
- Professional athletes
- Directors in movies, stage, radio, television and musical productions
- Other recipients of talent fees
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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