REVENUE MEMORANDUM CIRCULAR NO. 76-2021 issued on June 15, 2021 clarifies the illustrative examples in the computation of Corporate Income Tax under Section 3(B) and 3(D) of Revenue Regulations (RR) No. 5-2021.
         In the illustration for proprietary educational institution and Regional Operating Headquarters ROHQ) under the said Sections of the RR, the Income Tax due and the gross income were inadvertently written to be in the amount of P 1,000,000.00 and P 558,500,000.00 instead of the correct amount of P 100,000.00 and P 58,500,000.00, respectively, which was shown in the Circular.
            The Circular also clarifies that the 1% Income Tax rate for proprietary educational institutions and the 1% Minimum Corporate Income Tax (MCIT) for ROHQ shall be imposed only for the period July 1, 2020 until June 30, 2023, and January 1, 2022 to June 30, 2023, respectively. Thus, beginning July 1, 2023, the Income Tax rate for proprietary educational institutions and the MCIT shall revert to ten percent (10%) and two percent (2%), respectively