REVENUE MEMORANDUM ORDER NO. 7-2011 issued on February 21, 2011 modifies the
description of Alphanumeric Tax Code (ATC) for Life Insurance Premiums pursuant to Revenue
Memorandum Circular No. 22-2010, to wit:
ATC Description
Tax Rate Legal Basis
ATC Description
Tax Rate Legal
Basis
WB070 Tax on life
insurance
premiums
5% Section 123
of RA No.
8424
WB070 Tax on life
insurance
premiums
2% Section 1
of RA No.
10001
1600/ 2307
EXISTING (per ATC Handbook) BIR
Form
No.
MODIFIED/NEW