RMO No. 07-2011 — Modifies the description of Alphanumeric Tax Code for Life Insurance Premiums Digest | Full Text

REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE Quezon City SUBJECT REVENUE MEMORANDUM ORDER NO. 7-2011 TO : Modification of Description of Alphanumeric Tax Code (ATC) for Life Insurance Premiums Pursuant to Revenue Memorandum Circular No. 22- 2010, Publishing the Full Text of Republic Act No. 10001 entitled "An Act Reducing the Taxes on Life Insurance Policies, Amending for this Purpose Sections 123 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 Life Insurance Policies, the following ATC is hereby modified: EXISTING (per ATC Handbook) MODIFIED/NEW BIR Form Tax Rate Legal Basis Tax Rate Legal No. Description Basis ATC Description ATC WB070 Tax on life 5% Section 123 WB070 Tax on life 2% Section 1 1600/ 2307 insurance of RA No. premiums of RA No. insurance 10001 8424 premiums 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