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    RMC No. 69-2023 v2

    Uploaded by

    Jomar Coruno
    The document outlines changes to tax rates for proprietary educational institutions and not-for-profit hospitals in the Philippines pursuant to recent legislation. Specifically, it states that as of July 1, 2023: (1) the percentage tax rate will revert to 3% of gross quarterly sales or receipts, (2) the MCIT rate will revert to 2% of gross income for corporations, and (3) the RCIT rate will revert to 10% of taxable income for proprietary schools and hospitals. It provides examples of how taxes should be computed for calendar and fiscal year taxpayers in 2023 based on the changing rates.

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    RMC No. 69-2023 v2

    Uploaded by

    Jomar Coruno
    47 views1 page
    The document outlines changes to tax rates for proprietary educational institutions and not-for-profit hospitals in the Philippines pursuant to recent legislation. Specifically, it states that as of July 1, 2023: (1) the percentage tax rate will revert to 3% of gross quarterly sales or receipts, (2) the MCIT rate will revert to 2% of gross income for corporations, and (3) the RCIT rate will revert to 10% of taxable income for proprietary schools and hospitals. It provides examples of how taxes should be computed for calendar and fiscal year taxpayers in 2023 based on the changing rates.

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    The document outlines changes to tax rates for proprietary educational institutions and not-for-profit hospitals in the Philippines pursuant to recent legislation. Specifically, it states that as of July 1, 2023: (1) the percentage tax rate will revert to 3% of gross quarterly sales or receipts, (2) the MCIT rate will revert to 2% of gross income for corporations, and (3) the RCIT rate will revert to 10% of taxable income for proprietary schools and hospitals. It provides examples of how taxes should be computed for calendar and fiscal year taxpayers in 2023 based on the changing rates.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    47 views1 page

    RMC No. 69-2023 v2

    Uploaded by

    Jomar Coruno
    The document outlines changes to tax rates for proprietary educational institutions and not-for-profit hospitals in the Philippines pursuant to recent legislation. Specifically, it states that as of July 1, 2023: (1) the percentage tax rate will revert to 3% of gross quarterly sales or receipts, (2) the MCIT rate will revert to 2% of gross income for corporations, and (3) the RCIT rate will revert to 10% of taxable income for proprietary schools and hospitals. It provides examples of how taxes should be computed for calendar and fiscal year taxpayers in 2023 based on the changing rates.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    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:

    A. Calendar Year
    Period MCIT/RCIT/PT Tax Due
    Gross income/Taxable income/ 1% ₱ XXX
    quarterly sales or receipts from January
    1, 2023 to June 30, 2023
    Gross income/Taxable income/ 2% / 10% / 3% ₱ XXX
    quarterly sales or receipts from July 1,
    2023 to December 31, 2023
    Total Tax Due ₱ XXX

    B. Fiscal Year
    Period MCIT/RCIT/PT Tax Due
    Gross income/Taxable income/ 1% ₱ XXX
    quarterly sales or receipts from X
    month to June 30, 2023
    Gross income/Taxable income/ 2% / 10% / 3% ₱ XXX
    quarterly sales or receipts from July 1,
    2023 to X month
    Total Tax Due ₱ XXX

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