Renaming of Alphanumeric Tax Codes (ATCs) for Percentage Tax on Winnings and Prizes Withheld by Race Track Operators

July 19, 2001 REVENUE MEMORANDUM ORDER NO. 18-01 SUBJECT : Renaming of Alphanumeric Tax Codes (ATCs) for Percentage Tax on Winnings and Prizes Withheld by Race Track Operators TO : All Collection Agents, Revenue District Officers and Other Internal Revenues Officers Concerned I. Objective : To facilitate proper identification and monitoring of Percentage Tax collections on Winnings and Prizes Withheld by Race Track Operators based on BIR Form No. 1600-WP (Remittance Return of Percentage Tax on Winnings and Prizes Withheld by Race Track Operators) and for Integrated Tax System (ITS) purposes, the following ATCs are hereby renamed: KIND OF TAXES ISSUANCE/LEGAL ATC BASIS/ REASONS From To (RMO No. 15-00) Renaming of ATC for Other Percentage Taxes Winnings and prizes paid by racetrack operators 1. Government Withholding Agent (4%) Sec. 126 of RA 8424 WB191 WB191 limited to the coverage of 2. Government Withholding Agent (10%) Percentage Tax to WB191 WB192 winnings, dividends, 3. Private Withholding Agent (4%) prizes paid by race track WB192 WB193 operator, manager or 4 Private Withholding Agent (10%) person in charge of the WB192 WB194 horse races.' Prizes and other winnings, in general, are subject to income tax instead of percentage tax. II. Repealing Clause : This order revises portions of all other issuances inconsistent herewith. III. Effectivity : This Revenue Memorandum shall take effect immediately. aCcSDT (SGD.) REN G. BAEZ Commissioner of Internal Revenue