RMO No. 70-2010: Modifies the description of Alphanumeric Tax Code for Creditable Withholding Tax on income payments made by political parties and candidates of local and national elections

Summary

RMO No. 70-2010 modifies the description of the Alphanumeric Tax Code (ATC) for Creditable Withholding Tax on income payments made by political parties and candidates of local and national elections, under Revenue Regulations No. 10-2009.

Key points

1. Codes and rates unchanged. ATC WI680 covers individuals and ATC WC680 covers corporations, each at 5%. The legal basis is Section 2 of RR No. 10-2009, and the BIR forms are 1601E and 2307.
2. Description change. The existing wording covered all their campaign expenditures. The modified wording covers all their purchase of goods and services as campaign expenditures. Payments by individuals or juridical persons for goods and services given as campaign contributions to political parties and candidates remain covered.

Who is affected

• Political parties and candidates in local and national elections
• Individuals and juridical persons buying goods and services as campaign contributions

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