REVENUE MEMORANDUM CIRCULAR NO. 69-2023 issued on June 20, 2023 reverts the rates of Percentage Tax, Minimum Corporate Income Tax (MCIT) and Regular Corporate Income Tax (RCIT) on proprietary educational institutions and not for profit hospitals, pursuant to Republic Act No. 11534 (Corporate Recovery and Tax Incentives for Enterprises Act [CREATE Act]), as implemented by Revenue Regulations Nos. 4-2021, 5-2021 and 8-2021, and as clarified by Revenue Memorandum Circular Nos. 65-2021 and 67-2021, effective July 1, 2023, to wit:
         
           a. The rate of Percentage Tax shall now revert to three percent (3%) of
                gross quarterly sales or receipts of the taxpayer. This rate applies to
                corporations, self-employed individuals and professionals whose gross
                sales or gross receipts are not exceeding the ₱ 3Million threshold, except
                for cooperatives and self-employed individuals and professionals
                availing of the eight percent (8%) Income Tax rate;
            b. The rate of MCIT for domestic and resident foreign corporations,
                including Offshore Banking Units and Regional Operating Headquarters,
                shall now revert to two percent (2%) based on the gross income of such
                corporations; and
            c. The rate of RCIT for proprietary educational institutions and hospitals
                which are non-profit shall now revert to ten percent (10%) of their
                taxable income.
           Based on the foregoing, the relevant taxes for taxable year 2023 shall be computed as
follows: