Special InTAX: April 2019 Issue 1 | Vol. 4
Special InTAX: April 2019 Issue 1 | Vol. 4
InTAX is an official publication of Tax Group of R.G. Manabat & Co.
BUREAU OF INTERNAL REVENUE
The Bureau of Internal Revenue (BIR) issued on 11 April 2019 Revenue Memorandum Order No. 16-2019 dated 19 March 2019, which provides the following modified Alphanumeric Tax Codes (ATCs) for withholding taxes reportable in BIR Form No. 1601-EQ (Quarterly Remittance Return of Creditable Income Taxes Withheld [Expanded]).
EXISTING (per ATC Handbook) |
MODIFIED/ NEW |
||||
ATC |
Description |
Tax Rate |
BIR Form No. |
Legal Basis |
Tax Rate |
WI650 |
On gross amount of refund given by MERALCO to customers with active contract s as classified by MERALCO |
25% |
1601-EQ
|
RR No. 1-2019
|
15% |
WI651 |
On gross amount of refund given by MERALCO to customers with terminated contracts as classified by MERALCO |
32% |
15% |
||
WI661 |
On gross amount of interest on the refund of meter deposit whether paid directly to the customers or applied against customer's billings of Non- |
10 % |
15% |
||
Wl663 |
On gross amount of interest on the refund of meter deposit whether paid directly to the customers or applied against customer's billings of Non- |
20% |
15% |
||
WI710 |
Interest income derived from any other debt instruments not within the coverage of deposit substitutes and Revenue Regulations No. 14-2012 |
20% |
15% |
||
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.
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