REVENUE MEMORANDUM ORDER NO. 23-2012 issued on September 24, 2012 modifies
the description of Alphanumeric Tax Code (ATC) for Foreign Insurance Premiums, to wit:
ATC Tax Rate Legal
Basis ATC Tax
Rate
Legal
Basis
WB120 10% RMO
25-2002;
Sec. 124 of
WB120 4% Section 1
of RA No.
10001
1600/ 2307
RA No.
8424
EXISTING (per ATC Handbook) BIR
Form
No.
MODIFIED/NEW
Tax on agents of
foreign insurance
companies
Description
Payments made
to Agents of
Foreign Insurance
Description