Modification of Description of Alphanumeric Tax Code for Foreign Insurance Premiums Pursuant to R.A. No. 10001

September 24, 2012 REVENUE MEMORANDUM ORDER NO. 023-12 SUBJECT : Modification of Description of Alphanumeric Tax Code (ATC) for Foreign Insurance Premiums Pursuant to Republic Act No. 10001 Entitled "An Act Reducing the Taxes on Life Insurance Policies, Amending for This Purpose Sections 124 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 Foreign Insurance Policies, the following ATC is hereby modified: Existing (per ATC Handbook) Modified/New BIR ATC Description Tax Legal ATC Description Tax Legal Form Rate Basis Rate Basis No. WB120 Tax on agents of 10% RMO WB120 Payments made to 4% Section 1 1600/2307 foreign insurance 25-2002; Agents of Foreign of RA No. companies Sec. 124 of Insurance 10001 RA No. 8424 II. Repealing Clause : This Revenue Memorandum Order (RMO) revises portions of all other issuances inconsistent herewith. III. Effectivity : This RMO shall take effect immediately. HcSDIE (SGD.) KIM S. JACINTO-HENARES Commissioner of Internal Revenue