Modification of Description of Alphanumeric Tax Code on Taxation on the Sale of Gold and Other Metallic Minerals to BSP

September 24, 2012 REVENUE MEMORANDUM ORDER NO. 022-12 SUBJECT : Modification of Description of Alphanumeric Tax Code (ATC) on the Taxation on the Sale of Gold and Other Metallic Minerals to Bangko Sentral ng Pilipinas and Other Persons or Entities Pursuant to Revenue Regulations No. 6-2012, Further Amending Section 2.57.2 (T) of Revenue Regulations No. 2-98 TO : All Collection Agents, Revenue District Officers and Other Internal Revenue Officers Concerned I. Objective : To facilitate the proper identification and monitoring of certain Income payments subject to Creditable Withholding Tax on the Sale of Gold and Other Metallic Minerals, the following ATCs are hereby modified: Existing (per ATC Handbook) Modified/New BIR ATC Description Tax Legal ATC Description Tax Legal Form Rate Basis Rate Basis No. WI630 Income payments 1% RMO No. WI630 Income payments 5% RR No. 1601-E/2307 on purchases of 34-2003 on purchases of 6-2012 minerals, mineral minerals, mineral products & quarry products & quarry resources to resources to individuals individuals WC630 Income payments 1% RMO No. WC630 Income payments 5% RR No. 1601-E/2307 on purchases of 34-2003 on purchases of 6-2012 minerals, mineral minerals, mineral products & quarry products & quarry resources to resources to corporations/ corporations/ non-individuals non-individuals WI632 Income payments 10% RR 7-2008; WI632 Income payments 5% RR No. 1601-E/2307 on purchases of RMO No. on purchases of 6-2012 gold by Bangko 33-2008 minerals, mineral Sentral ng Pilipinas products and (BSP) from gold quarry resources miners/suppliers by Bangko Sentral under PD 1899, as ng Pilipinas (BSP) amended by R.A. from gold No. 7076 miners/suppliers (individuals) under PD 1899, as amended by R.A. No. 7076 WC632 Income payments 10% RR 7-2008; WC632 Income payments 5% RR No. 1601-E/2307 on purchases of RMO No. on purchases of 6-2012 gold by Bangko 33-2008 minerals, mineral Sentral ng Pilipinas products and (BSP) from gold quarry resources miners/suppliers by Bangko Sentral under PD 1899, as ng Pilipinas (BSP) amended by R.A. from gold No. 7076 miners/suppliers (Non-Individuals) under PD 1899, as amended by R.A. No. 7076 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