Renaming and Creation of Alphanumeric Tax Codes (ATCs) of Withholding, Value-Added and Percentage Taxes

February 15, 2002 REVENUE MEMORANDUM ORDER NO. 01-02 SUBJECT : Renaming and Creation of Alphanumeric Tax Codes (ATCs) of Withholding, Value-Added and Percentage Taxes TO : All Collection Agents, Revenue District Officers And Other Internal Revenues Officers Concerned 1. Objective : To facilitate proper identification and monitoring of Withholding Taxes, Value-Added Taxes (VAT) and Percentage Taxes based on BIR Form No. 1602 (Monthly Remittance Return of Final Income Taxes Withheld), BIR Form No. 2550Q (Quarterly VAT Return) and BIR Form No. 2551M (Monthly Percentage Tax Return), and for Integrated Tax System (ITS) purposes, the following ATCs are hereby renamed and created: KIND OF TAXES ISSUANCE/LEGAL ATC BASIS/REASONS From To (RMO No. 14-99) A. Renaming of ATC for: 1. Final Income Tax on Sec. 24 (B)(1); 25 Preterminated Long-term (A)(2) of RA 8424 Deposits/Investments for Individuals On interest income from long- term deposit in the form of savings, trust funds, deposit substitutes which was preterminated by the holder before the 5th year; 20% tax rates WI 440 WI 440 12% tax rates WI 440 WI 441 5% tax rates WI 440 WI 442 2. Percentage Tax on Agents Sec. 124 of of Foreign Insurance RA 8424 Companies with: Insurance Agents (10%) PT 130 PT 130 Insurance Agents (5%) PT 130 PT 131 Owners of property obtaining PT 131 PT 132 insurance directly with foreign insurance companies (5%) B. Creation of ATC for VAT on Sec. 106 of Manufacturing: RA 8424 Alcohol VM 110 Petroleum VM 120 Automobiles VM 130 Non-Essentials (Excisable Goods) VM 140 Pharmaceuticals VM 150 Sugar VM 160 II. Repealing Clause: This order revises portions of all other issuances inconsistent herewith. III. Effectivity: This shall take effect immediately. ESHcTD (SGD.) REN G. BAEZ Commissioner of Internal Revenue