The Bureau of Internal Revenue issued Revenue Memorandum Circular (RMC) 92-2025 on Oct. 22, 2025, to provide a workaround procedure for accomplishing the Quarterly Remittance Return of Final Income Taxes Withheld on Interest Paid on Deposits and Yield on Deposit Substitutes/Trusts/Etc. (BIR Form 1602Q), following the implementation of Republic Act 12214, also known as the Capital Markets Efficiency Promotion Act (CMEPA).
CMEPA aims to modernise and simplify the taxation system for passive income and capital market transactions in the Philippines. As reiterated under Revenue Regulations 21-2025, the law introduced uniform tax rates on certain passive income, including an increase in the final withholding tax on interest earned from foreign currency deposits from 15 percent to 20 percent.
Workaround procedure
Pending the revision of BIR Form 1602Q, all eFPS and eBIRForms filers shall use the Payment Form (BIR Form 0605) and indicate the following details:
• Alphanumeric Tax Code or ATC: MC200
• Tax Type: WB representing final withholding tax on interest income
• Manner of Payment: Select “Others” and specify “FWT CMEPA”
After validating and filing, taxpayers may proceed with payment through the following options:
• Manual payment over the counter at Authorized Agent Banks for eBIRForms filers; or
• Online payment via Maya, Landbank Electronic Payment Portal, or BIR-DBP PayTax Online.
Effectivity
RMC 92-2025 shall take effect immediately.
Please be guided accordingly.
Source:
P&A Grant Thornton
Certified Public Accountants