RMO No. 01-2002 — Renames and creates the Alphanumeric Tax Codes of Withholding, Value-Added and Percentage Taxes Digest | Full Text

Quezon City February 15, 2002 REVENUE MEMORANDUM ORDER NO. 1-2002 SUBJECT: Renaming and Creation of Alphanumeric Tax Codes (ATCs) of Withholding, Value-Added and Percentage Taxes TO : All Collection Agents, Revenue District Officers and Other Internal Revenues Officers Concerned I. Objective: To facilitate proper identification and monitoring of Withholding Taxes, Value- Added Taxes (VAT) and Percentage Taxes based on BIR Form No. 1602 (Monthly Remittance Return of Final Income Taxes Withheld), BIR Form No. 2550Q (Quarterly VAT Return) and BIR Form No. 2551M (Monthly Percentage Tax Return), and for Integrated Tax System (ITS) purposes, the following ATCs are hereby renamed and created: KIND OF TAXES ISSUANCE/ LEGAL BASIS/ ATC A. Renaming of ATC for: REASONS From To (RMO No. 14-99) 1. Final Income Tax on Sec. 24 (B)(1); 25 (A)(2) of RA 8424 Preterminated Long-term Deposits/Investments for Individuals On interest income from long- term deposit in the form of savings, trust funds, deposit substitutes which was preterminated by the holder before the 5th year; � 20% tax rates WI 440 WI 440 � 12% tax rates WI 440 WI 441 � 5% tax rates WI 440 WI 442 2. Percentage Tax on Agents of Sec. 124 of Foreign Insurance Companies RA 8424 with: PT 130 PT 130 � Insurance Agents (10%) PT 130 PT 131 � Insurance Agents (5%) PT 131 PT 132 � Owners of property obtaining insurance directly with foreign insurance companies (5%)

KIND OF TAXES ISSUANCE/ LEGAL BASIS/ ATC REASONS VM 110 B. Creation of ATC for VAT on Sec. 106 of VM 120 Manufacturing: RA 8424 VM 130 VM 140 � Alcohol VM 150 � Petroleum VM 160 � Automobiles � Non-Essentials (Excisable Goods) � Pharmaceuticals � Sugar II. Repealing Clause: This order revises portions of all other issuances inconsistent herewith. III. Effectivity: This shall take effect immediately. (Original Signed) REN� G. BA�EZ Commissioner of Internal Revenue