RMC No. 60-2014 — Clarifies the applicability of RMC No. 8-2014 to General Professional Partnership in relation to RMC No. 3-2012

BUREAU OF INTERNAL REVENUE REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE Quezon City RECORDS MOT DIVISICN BUREAU Or INTHINAL REVENUE fUL Z 4 204 7 9:20*AM* Y UMu

JulJ 24,2014

REVENUE MEMORANDUM CIRCULAR NO. (00-3014

SUBJECT (RMC) No. 8-2014 to'General Professional Partnership (GPP) in relation to RMC No. 003-12 : Clarification on the applicability of Revenue Memorandum Circular

TO : All Internal Revenue Officers and Others Concerned

while RMC No. 8-2014 dated February 6, 2014 was issued requiring all individuals and entities claiming exemption to provide a copy of a valid, current and subsisting tax exemption certificate or ruling, thus failure on the part of taxpayer to present the said tax exemption certificate or ruling shall subject him to the payment of appropriate withholding taxes due on the transaction. RMC No. 003-12 dated January 11, 2012 discussed the tax implications of GPF

certificate or ruling pursuant to RMC No. 8-2014 does not apply to GPPs. RMC No. 3- tax prescribed in Revenue Regulations No. 2-98, as amended. its professional services are not subject to income tax and consequently to withholding 2012 sufficiently discussed that income payments made to a"GPP in consideration for In this regard, it is hereby clarified that the requirement to present tax exemption

circular as wide a publicity as possible. All concerned are hereby enjoined to be guided accordingly and give this

K-1/JRC Commissioner of Internal Revenue KIM S. JAQNZ 025874 3-HENARES

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