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    Operations Memorandum No. 2018-01-02 Final Tax On Withdrawal From Decedents Account

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    Bien Bowie A. Cortez
    This memorandum from the Bureau of Internal Revenue provides guidance on implementing a provision of the Tax Reform for Acceleration and Inclusion law. Specifically, it instructs taxpayers like banks to withhold a 6% final tax on amounts withdrawn from a decedent's bank deposit account by heirs or administrators for those who died on or after January 1, 2018. It provides an ATC code for this new withholding tax and states this procedure will be followed until an updated monthly remittance tax form is available for downloading from the BIR website. Compliance with this memorandum is required.

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    Operations Memorandum No. 2018-01-02 Final Tax On Withdrawal From Decedents Account

    Uploaded by

    Bien Bowie A. Cortez
    40 views1 page
    This memorandum from the Bureau of Internal Revenue provides guidance on implementing a provision of the Tax Reform for Acceleration and Inclusion law. Specifically, it instructs taxpayers like banks to withhold a 6% final tax on amounts withdrawn from a decedent's bank deposit account by heirs or administrators for those who died on or after January 1, 2018. It provides an ATC code for this new withholding tax and states this procedure will be followed until an updated monthly remittance tax form is available for downloading from the BIR website. Compliance with this memorandum is required.

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    Operations Memorandum No. 2018-01-02 Final Tax on Withdrawal from Decedents Account

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    This memorandum from the Bureau of Internal Revenue provides guidance on implementing a provision of the Tax Reform for Acceleration and Inclusion law. Specifically, it instructs taxpayers like banks to withhold a 6% final tax on amounts withdrawn from a decedent's bank deposit account by heirs or administrators for those who died on or after January 1, 2018. It provides an ATC code for this new withholding tax and states this procedure will be followed until an updated monthly remittance tax form is available for downloading from the BIR website. Compliance with this memorandum is required.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    40 views1 page

    Operations Memorandum No. 2018-01-02 Final Tax On Withdrawal From Decedents Account

    Uploaded by

    Bien Bowie A. Cortez
    This memorandum from the Bureau of Internal Revenue provides guidance on implementing a provision of the Tax Reform for Acceleration and Inclusion law. Specifically, it instructs taxpayers like banks to withhold a 6% final tax on amounts withdrawn from a decedent's bank deposit account by heirs or administrators for those who died on or after January 1, 2018. It provides an ATC code for this new withholding tax and states this procedure will be followed until an updated monthly remittance tax form is available for downloading from the BIR website. Compliance with this memorandum is required.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    REPL,BLIC OF TIJE PHIL,IPPINES

    DEPARTMENT OF FINANCE
    BURE,,\U OF INTERNAI, REVENIJE

    oPERATIONS MEMORANDUM NO. ',:fig- r:-:,r,--

    DATE January 3,24t8

    TO The Assistant Commissioner, Large Taxpayers Service


    All Concerned Regional Directors
    All Concerned Revenue District Officers
    Other Concerned Officers

    This is for purposes of implementing the provision for Republic Act No. 10963, otherwise
    known as the Tax Reform for Acceleration and lnclusion (TRAIN) specifically Section 27 thereof,
    amending Section 97 of the NIRC, governing Payment of Tax Antecedent to the Transfer of Shares,
    Bonds or Rights.

    As a work around procedure, prior to the deployment of the new Monthly Remittance
    Return of Final lncome Taxes Withheld (BlR Form No. 1602), all taxpayers, particularly banks
    shail withhold a Final Tax of Six Percent (6%) on the amounts withdrawn by
    heirs/administrators from the decedent's bank deposit account who died on January 1, 2018 and
    onwards, and shall remit the same using the said form. Listed below is the corresponding ATC
    Code:

    ATC Description Tax Rate BIR Form


    wr165 Final Withholding Tax on Amounts 6% 1,602
    Withdrawn from Decedent's Deposit
    Account

    the Monthly Remittance Return


    The aforementioned procedures shall be adopted until
    of Final lncome Taxes Withheld (BlR Form No. 1602 January 2018) is made available for
    downloading from ihe BIR Website.

    For your information and immediate compiiance.

    -.t;oU*{.ew$"-l
    CAESAR R. DULAY
    Commissioner of lnternal Revenue
    412441

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