RMO No. 70-2010 — Modifies the description of Alphanumeric Tax Code for Creditable Withholding Tax on income payments made by political parties and candidates of local and national elections Digest | Full Text

REVENUE MEMORANDUM ORDER NO. 70-2010 issued on August 13, 2010 modifies the description of Alphanumeric Tax Code (ATC) for Creditable Withholding Tax on income payments made by political parties and candidates of local and national elections pursuant to Revenue Regulations No. 10-2009, to wit: EXISTING (per ATC Handbook) MODIFIED BIR Description Form Tax Rate Legal No. Basis ATC Description Income payments made by political Section 2 Income payments made by political 1601E/ 2307 parties and candidates of local and of RR No. parties and candidates of local and national elections of all their 10 - 2009 national elections of all their campaign expenditures, and income payments made by individuals or purchase of goods and services as juridical persons for their purchases campaign expenditures, and income of goods and services intended to be payments made by individuals or given as campaign contribution to juridical persons for their purchases political parties and candidates of goods and services intended to be given as campaign contribution to political parties and candidates WI680 i) Individual 5% WC680 ii) Corporate 5%