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