Procedure Prior to Deployment of New Monthly Remittance Return of Final Income Taxes Withheld (BIR Form No. 1602)

January 3, 2018 REVENUE OPERATIONS MEMORANDUM NO. 2018-01-02 TO : The Assistant Commissioner, Large Taxpayers Service All Concerned Regional Directors All Concerned Revenue District Officers Other Concerned Officers This is for purposes of implementing the provision for Republic Act No. 10963, otherwise known as the Tax Reform for Acceleration and Inclusion (TRAIN) specifically Section 27 thereof, amending Section 97 of the NIRC, governing Payment of Tax Antecedent to the Transfer of Shares, Bonds or Rights. As a work around procedure, prior to the deployment of the new Monthly Remittance Return of Final Income Taxes Withheld (BIR Form No. 1602), all taxpayers, particularly banks shall withhold a Final Tax of Six Percent (6%) on the amounts withdrawn by heirs/administrators from the decedent's bank deposit account who died on January 1, 2018 and onwards, and shall remit the same using the said form. Listed below is the corresponding ATC Code: ATC Description Tax Rate BIR Form WI165 Final Withholding Tax on Amounts Withdrawn from Decedent's Deposit Account 6% 1602 The aforementioned procedures shall be adopted until the Monthly Remittance Return of Final Income Taxes Withheld (BIR Form No. 1602 January 2018) is made available for downloading from the BIR Website. For your information and immediate compliance. (SGD.) CAESAR R. DULAY Commissioner of Internal Revenue