RMO No. 22-2012 — Modifies the description of Alphanumeric Tax Code on the taxation on the sale of gold and other metallic minerals to Bangko Sentral ng Pilipinas and other persons or entities 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. __22-2012__________ : Modification of Description of Alphanumeric Tax Code (ATC) on the Taxation on the Sale of Gold and Other Metallic Minerals to Bangko Sentral ng Pilipinas and Other Persons or Entities Pursuant to Revenue Regulations No. 6-2012, Further Amending Section 2.57.2 (T) of Revenue Regulations No. 2-98 : All Collection Agents, Revenue District Officers and Other Internal Revenue Officers Concerned I. Objective: To facilitate the proper identification and monitoring of certain Income payments subject to Creditable Withholding Tax on the Sale of Gold and Other Metallic Minerals, the following ATCs are hereby modified: EXISTING (per ATC Handbook) MODIFIED/NEW BIR Form ATC Description Tax Rate Legal Basis ATC Description Tax Rate Legal No. 5% Basis 1601-E/2307 WI630 Income payments 1% RMO No. WI630 Income payments RR No. WC630 on purchases of WC630 on purchases of 5% 6-2012 1601-E/2307 minerals, mineral 34-2003 minerals, mineral products & quarry products & quarry RR No. 1601-E/2307 resources to 1% RMO No. resources to 6-2012 individuals individuals 34-2003 Income payments Income payments on purchases of on purchases of minerals, mineral minerals, mineral products & quarry products & quarry resources to resources to corporations/ corporations/ non-indivudals non-indivudals WI632 Income payments 10% RR 7-2008; WI632 Income payments 5% RR No. on purchases of 6-2012 gold by Bangko RMO No. on purchases of Sentral ng Pilipinas (BSP) from gold 33-2008 minerals, mineral miners/suppliers under PD 1899, as products and amended by R.A. No. 7076 quarry resources by Bangko Sentral ng Pilipinas (BSP) from gold miners/suppliers (individuals) under PD 1899, as amended by R.A. No. 7076

EXISTING (per ATC Handbook) MODIFIED/NEW BIR Form ATC Description Tax Rate Legal Basis ATC Description Tax Rate Legal No. WC632 Basis Income payments 10% RR 7-2008; 1601-E/2307 on purchases of RMO No. WC632 Income payments 5% RR No. gold by Bangko 33-2008 on purchases of 6-2012 Sentral ng Pilipinas minerals, mineral (BSP) from gold products and miners/suppliers quarry resources by under PD 1899, as Bangko Sentral ng amended by R.A. Pilipinas (BSP) from No. 7076 gold miners/suppliers (Non-Individuals) under PD 1899, as amended by R.A. No. 7076 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)Original Signed) B-3/tbm KIM S. JACINTO-HENARES Commissioner of Internal Revenue