RMO No. 60-2010: Modifies the description of Alphanumeric Tax Codes for Percentage Tax on winnings and prizes withheld by race track operators

Summary

RMO No. 60-2010 modifies the descriptions of the Alphanumeric Tax Codes (ATC) for Percentage Tax on winnings and prizes withheld by race track operators.

Key points

1. ATC WB 191 and WB 193 at 4%. The descriptions now refer to tax on winnings from double, forecast/quinella and trifecta bets on horse races. WB 191 applies when a government withholding agent pays and WB 193 when a private withholding agent pays.
2. ATC WB 192 and WB 194 at 10%. The descriptions now refer to tax on winnings or prizes paid to winners of winning horse race tickets other than double, forecast/quinella and trifecta bets, and to owners of winning race horses. WB 192 applies to a government withholding agent and WB 194 to a private withholding agent.
3. Legal basis. The legal basis shown for the codes is Section 126 of RA No. 8424. The previous descriptions read tax on winnings and prizes paid by race track operators.

Who is affected

• Race track operators acting as withholding agents
• Winners of horse race bets and owners of winning race horses

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