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RMO No. 66-98: Prescribes the policies and procedures for the processing and monitoring of tax payments due from insurance companies

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Summary

RMO No. 66-98 sets policies and procedures for processing and monitoring tax payments due from insurance companies.

Key points

  1. Single payment bank. The Insurance Commission chose Land Bank of the Philippines (LBP-U.N. Branch) as the only bank where insurance companies file and pay their Value-Added Tax, Premium Tax, Withholding Tax, Documentary Stamp Tax and Income Tax. This follows the Memorandum of Agreement between the IC and the BIR.
  2. Processing. LBP uses the Limited Bank Data Entry System to process the payments. It sends payment data to the Information Systems Operation Service (ISOS) Data Center through Electronic Data Transfer.

Who is affected

  • Insurance companies

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

Related issuances

Cited byRMO No. 48-99

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.