Modification of Description of Alphanumeric Tax Code (ATC) for Life Insurance Premiums Pursuant to Revenue Memorandum Circular No. 22-2010, Publishing the Full Text of Republic Act No. 10001 Entitled "An Act Reducing the Taxes on Life Insurance Policies, Amending for this Purpose Sections 123 and 183 of the National Internal Revenue Code of 1997, as Amended"
Revenue Memorandum Order No. 007-11 • Bureau of Internal Revenue (BIR) Issuances • Revenue Memorandum Orders • Feb 21, 2011
Full text
February 21, 2011 REVENUE MEMORANDUM ORDER NO. 007-11 SUBJECT : Modification of Description of Alphanumeric Tax Code (ATC) for Life Insurance Premiums Pursuant to Revenue Memorandum Circular No. 22-2010, Publishing the Full Text of Republic Act No. 10001 Entitled "An Act Reducing the Taxes on Life Insurance Policies, Amending for this Purpose Sections 123 and 183 of the National Internal Revenue Code of 1997, as Amended" TO : All Collection Agents, Revenue District Officers and Other Internal Revenue Officers Concerned I. Objective : To facilitate the proper identification and monitoring of taxes on Life Insurance Policies, the following ATC is hereby modified: DTCAES Existing (per ATC Handbook) Modified/New BIR ATC Description Tax Legal Basis ATC Description Tax Rate Legal Form Rate Basis No. WB070 Tax on life 5% Section 123 WB070 Tax on life 2% Section 1 1600/2307 insurance of RA No. insurance of RA No. premiums 8424 premiums 10001 II. Repealing Clause: This Revenue Memorandum Order (RMO) revises portions of all other issuances inconsistent herewith. III. Effectivity: This RMO shall take effect immediately. (SGD.) KIM S. JACINTO-HENARES Commissioner of Internal Revenue
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