
REVENUE MEMORANDUM CIRCULAR NO. 5-2006 issued on January 20, 2006 prescribes the use of the Government Money Payment Chart for the computation of taxes withheld at source on the sale of goods and services to the government or to any of its political subdivisions including barangays, instrumentalities or agencies and government owned or controlled-corporations whether subject to Creditable Withholding Tax, Final VAT (beginning November 1, 2005) and Percentage Tax. The revised government money payment chart takes into consideration the new rates provided in Revenue Regulations Nos. 12-2001, 14-2002, 30-2003 and 16-2005.