Posted October 19, 2019

Tax Update No. 1


Modification and dropping of the Alphanumeric Tax Codes (ATC) on Final Withholding Tax on amounts withdrawn from decedent’s deposit account and Excise Tax on the performance of services on invasive cosmetic procedures pursuant to Revenue Regulations (RR) Nos. 8-2019 and 2-2019

The Commissioner of Internal Revenue has issued Revenue Memorandum Order (RMO) No. 47-2019 dated 9 July 2019 to facilitate the proper identification and monitoring of tax collections from final withholding tax on amounts withdrawn from a decedent’s deposit account and excise tax on the performance of services on invasive cosmetic procedures pursuant to RR Nos. 8-2019 and 2-2019.

The following ATC is modified:

ATC
Description
Tax rate
Legal basis
Existing BIR Form No.
Modified/New BIR Form No.
WI165
Final Withholding Tax on Amounts withdrawn from decedent’s deposit account
6%
RR No. 8-2019
1602Q/ 2306
1621/0620/2306

Additionally, the following ATCs are dropped:

ATC
Description
Tax rate
Legal basis
BIR Form No.
 
 
 
WI800
WC800
Final Withholding of Excise Tax on the Performance of services on invasive cosmetic procedures

a. Individual
b. Corporate
5%
RR No. 2-2019
1620-XC

The RMO is effective immediately.

You may access the full version of the RMO through the BIR website.