Let's Get on the TRAIN

 

BUREAU OF INTERNAL REVENUE

 

The Bureau of Internal Revenue (BIR) issued the following:

Revenue Memorandum Order (RMO) No. 29-2018, 11 May 2018, to address the creation of Alphanumeric Tax Code (ATC) for selected excise taxes under the TRAIN Law.

To facilitate the proper identification and monitoring of tax collection from selected revenue source under excise tax pursuant to the TRAIN Law, ATCs XP105, XP085, XP165, XP200 and XP210 have been created in the BIR Form No. 2200-P (Excise Tax Return for Petroleum Products) for the gasoline and petroleum products enumerated in the said RMO.

Moreover, ATCs XG065, XG068 and XG055 have been created in the BIR Form No. 2200-AN (Excise Tax Return for Automobiles and Non-Essential Goods) for excise tax on hybrid vehicles, purely electric hybrid vehicles and pick-ups, respectively.

Lastly, ATC XC010 has been created in the applicable BIR Form (i.e. BIR Form No. 0605 or BIR Form No. 2200-C) for excise tax on invasive cosmetic procedures.

RMO No. 28-2018, 20 April 2018, to address the creation and modification of ATC for Individual Income Tax under the TRAIN Law.

To facilitate the proper identification and monitoring of tax collection from Individual Income Tax in BIR Form Nos. 1701 (Annual Income Tax Return For Self-Employed Individuals, Estates and Trusts) and 1701Q (Quarterly Income Tax Return For Individuals, Estates and Trusts) pursuant to the TRAIN Law, ATCs II015, II016 and II017 have been created for 8% income tax rate on business income, mixed income and income from profession, respectively.

Moreover, for compensation income, business income, mixed income and income from profession subject to graduated income tax rates, modified ATCs II011, II012, II013 and II014 shall be used, respectively.

 

Attached are the full texts of the issuances.

Revenue Memorandum Order No. 28-2018

Revenue Memorandum Order No. 29-2018

 

 

_{DISCLAIMER: The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although R.G. Manabat & Co. endeavors to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.}

_{For any queries, you may contact any member of the InTAX Editorial Board or send your questions to ph-inquiry@kpmg.com.}