Summary
RMO No. 03-98 creates new categories of Alphanumeric Tax Codes (ATCs) to help identify and monitor certain revenue sources subject to final withholding.
Key points
- Purpose. The new ATCs are required under the Comprehensive Tax Reform Program and serve Integrated Tax System purposes.
- Covered revenue sources. The sources are foreign currency deposits of resident individuals and resident corporations, fringe benefits paid to supervisors/managers by the corporation, and improperly accumulated earnings. They also include royalties on books, literary works and musical compositions, cash dividends, and property dividends.
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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