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REVENUE MEMORANDUM ORDER NO. 18 – 2024
Modifies the Alphanumeric Tax Code (ATC) for Creditable Withholding Tax on certain income payments by joint ventures/ consortiums, to wit:
| EXISTING (per ATC Handbook) | MODIFIED/NEW | ||||
| ATC | Description | Tax Rate | BIR Form No. | Legal Basis | ATC |
| W1750 WC730 | Income payments made by joint ventures, whether incorporated or not, taxable or non-taxable, to their local/resident supplier of goods. Individual Corporate | 1% | 1601-EQ/2307 | RR No. 14-2023 | W1770 WC770 |
| W1760 WC740 | Income payments made by joint ventures, whether incorporated or not, taxable or non-taxable, to their local/resident supplier of services. Individual Corporate | 2% | W1780 WC780 | ||
| WC750 | On the share of each co-venturer/member from the net income of the joint venture/consortium not taxable as corporation prior to actual or constructive distribution thereof. Corporate | 15% | WC790 | ||