RMC No. 36-2024 — Clarification on the manner of computing the Minimum Corporate Income Tax (MCIT) for Taxable Year 2023

BUREAU OF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OP TATERNAL REVENUE NCMTTYN 9:3GAy MAR 11 2024 Y

Quezon City MAR 1 1 2023 RECORDS MGT.DIVISION CN

REVENUE MEMORANDUM CIRCULAR NO. 36- 2024

SUBJECT Corporate Income Tax (MCIT) for Taxable Year 2o23 Clarification on the Manner of Computing the Minimum

TO All Reven ue Officers and Employees and Others Concerned

Incentives for Enterprises Act" prescribed the One Percent (1%) Minimum Corporate Income 2% for the period July 1 to December 31, 2023. rate returned to its old rate of Two Percent (2%) based on the gross income of the corporation. In computing the MCIT, the gross income shall be divided by 12 months to get the average monthly gross income and apply the rate of 1% for the period January 1 to June 30, 2023 and Tax (MCIT) for the period July 1, 2020 until June 30, 2023. Effective July 1, 2023, the MCIT Republic Act No. 11534, Otherwise known as the "Corporate Recovery and Tax

taxpayer may be used: For ease of computation, the rates below corresponding to the taxable period of the

Accounting Period Amnual 2%/ 1% MCIT Annual Accounting Period 2% / 1% MCIT

FY8-31-23 CY12-31-23 TY 11-31-23 FY 7-31-23 FY 9-31-23 TY 10-31-23 1.08 % 1.17 1.25 1.33 1.42 1.50 FY 2-28-24 FY 3-31-24 FY 5-31-24 FY 1-31-24 FY 4-30-24 FY 6-30-24 2.00 1.75 1.58 1.67 1.83 1.92

All are enjoined to give this Circular a wide publicity as possible

Se UMAGUI, JR. I Comrtissioner of Internal Revenue

Jftp FEEAI INTERNAL COMMUNICATIONS DIVISION T4

MAR 11 j2024