RMO No. 60-2010 — Modifies the description of Alphanumeric Tax Codes for Percentage Tax on winnings and prizes withheld by race track operators Digest | Full Text

REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE Quezon City June 29, 2010 24, 2010 REVENUE MEMORANDUM ORDER NO. 60-2010 SUBJECT : Modification of the Description of Alphanumeric Tax Codes TO for Percentage Tax on Winnings and Prizes Withheld by Race Track Operators : All Collection Agents, Revenue District Officers and Other Internal Revenue Officers Concerned I. Objective : To clarify the nature of the percentage tax covered by the Alphanumeric Tax Code (ATC) prescribed in Revenue Memorandum Order No. 18-2001, the descriptions of the following ATCs are hereby modified: Subject to Percentage Tax: EXISTING (per ATC Handbook) MODIFIED/NEW ATC Description Tax Legal ATC Description Tax Rate Rate Basis 4% WB 191 Tax on winnings and prizes 4% Section WB 191 Tax on winnings from double, paid by race track 126 of forecast/quinella and trifecta operators - Government RA No. bets on horse races paid by withholding agent 8424 government withholding agent WB 192 Tax on winnings and prizes 10% Section WB 192 Tax on winnings or prizes paid 10% paid by race track 126 of to winners of winning horse operators - Government RA No. race tickets other than double, withholding agent 8424 forecast/quinella and trifecta bets; and owners of winning race horses paid by government withholding agent WB 193 Tax on winnings and prizes 4% Section WB 193 Tax on winnings from double, 4% paid by race track 126 of forecast/quinella and trifecta operators - Private RA No. bets on horse races paid by withholding agent 8424 private withholding agent WB 194 Tax on winnings and prizes 10% Section WB 194 Tax on winnings or prizes paid 10% paid by race track 126 of to winners of winning horse operators - Private RA No. race tickets other than double, withholding agent 8424 forecast/quinella and trifecta bets; and owners of winning race horses paid by private withholding agent

Repealing Clause: This Revenue Memorandum Order (RMO) revises RMO No. 18-2001 and all other issuances inconsistent herewith. III. Effectivity: This RMO shall take effect immediately. (Original Signed) JOEL L. TAN-TORRES Commissioner of Internal Revenue B-3/jct NMA LCG GVC ASS MCDG LMV LSVR NJT ERV JCT CLQS