RR No. 10-2004: Reimposes the Gross Receipts Tax on other non-bank financial intermediaries, which includes pawnshops, beginning January 1, 2004

Summary

RR No. 10-2004 implements Sec. 4 of Republic Act No. 9238 by reimposing the 5% Gross Receipts Tax (GRT) on other non-bank financial intermediaries beginning January 1, 2004. It amends Sec. 4 of Revenue Regulations No. 9-2004 to include pawnshops.

Key points

1. Pawnshops added. Pawnshops are now classified under other non-bank financial intermediaries subject to the 5% GRT.
2. Re-registration. All pawnshops must re-register from VAT taxpayers to Percentage taxpayers, following procedures to be issued later by the Commissioner of Internal Revenue.

Who is affected

• Pawnshops
• Other non-bank financial intermediaries

Deadlines and effectivity

• 5% GRT beginning January 1, 2004

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