RMO No. 23-2012 — Modifies the description of Alphanumeric Tax Code for Foreign Insurance Premiums Digest | Full Text

SUBJECT REPUBLIC OF THE PHILIPPINES TO DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE Quezon City September 24, 2012 REVENUE MEMORANDUM ORDER NO..__23-2012_ __7-2011 __ : Modification of Description of Alphanumeric Tax Code (ATC) for Foreign Insurance Premiums Pursuant to Republic Act No. 10001 entitled "An Act Reducing the Taxes on Life Insurance Policies, Amending for this Purpose Sections 124 and 183 of the National Internal Revenue Code of 1997, as Amended." : All Collection Agents, Revenue District Officers and Other Internal Revenue Officers Concerned I. Objective : To facilitate the proper identification and monitoring of taxes on Foreign Insurance Policies, the following ATC is hereby modified: EXISTING (per ATC Handbook) MODIFIED/NEW BIR Form ATC Description Tax Rate Legal Basis ATC Description Tax Rate Legal No. WB120 WB120 Basis Tax on agents of foreign insurance 10% RMO Payments made to 4% Section 1 1600/ 2307 companies 25-2002; Agents of Foreign of RA No. Sec. 124 of Insurance 10001 RA No. 8424 II. Repealing Clause: This Revenue Memorandum Order (RMO) revises portions of all other issuances inconsistent herewith. III. Effectivity: This RMO shall take effect immediately. (Original Signed) KIM S. JACINTO-HENARES Commissioner of Internal Revenue B-3/tbm