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. 079-10 • Bureau of Internal Revenue (BIR) Issuances • Revenue Memorandum Orders • Oct 14, 2010
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October 14, 2010 REVENUE MEMORANDUM ORDER NO. 079-10 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 ATCs are hereby modified: EDCIcH Existing (per ATC Handbook) Modified/New BIR Legal Legal Form ATC Description Tax Rate Basis ATC Description Tax Rate Basis No. PT120 Tax on life 5% Section 123 PT120 Tax on life 2% Section 1 2551M insurance of RA No. insurance of RA No. premiums 8424 and premiums 10001 Section 2 of RR No. 4-2002 DS109 Documentary P0.50/P200 Section 7 DS109 Documentary Section 3 2000 Stamp Tax on or fractional of RA No. Stamp Tax on of RA No. life insurance part thereof 9243 and life insurance 10001 policies of the amount Section 7 of policies if the of premium RR No. amount of collected 13-2004 insurance: Does not Exempt exceed P100,000 Exceeds P10.00 P100,000 but does not exceed P300,000 Exceeds P25.00 P300,000 but does not exceed P500,000 Exceeds P50.00 P500,000 but does not exceed P750,000 Exceeds P75.00 P750,000 but does not exceed P1,000,000 Exceeds P100.00 P1,000,000 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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