Summary
RMO No. 07-2011 modifies the description of the Alphanumeric Tax Code (ATC) for life insurance premiums, following Revenue Memorandum Circular No. 22-2010.
Key points
- Existing entry. ATC WB070, tax on life insurance premiums, is listed at 5% under Section 123 of RA No. 8424 in the ATC Handbook.
- Modified entry. ATC WB070, tax on life insurance premiums, is changed to 2% under Section 1 of RA No. 10001. The table also shows BIR Form Nos. 1600/2307.
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.