Request Permission to Use the Form, "Report of Dishonored Bond/s", to Report Transactions Involving Dishonored Bonds

October 7, 1992 BIR RULING NO. 283-92 4 (i) 19 000-00 283-92 Land Bank of the Philippines 319 Sen Gil J. Puyat Ave. Ext. Makati, Metro Manila Attention: Ms . Eugenio O . Sinnung Asst . Vice-President Gentlemen : This refers to your letter dated June 17, 1992 requesting permission to use the attached form, "Report of Dishonored Bond/s" to report transactions involving dishonored bonds. It appears that Landbank Bond used as payment of taxes are sometimes dishonored, or its payment stopped due to garnishment, loss, pledged bond and other legal issues. Instances of dishonor occur in the following situations: 1. Notice to Stop Payment on the bond was received by your Branch after the returns and bond coupons were received and transmitted to your BSD (Bond Servicing Division) for further processing. 2. The said bond was inadvertently overlooked by your branch personnel in the Stop/Pledged file. 3. There was erroneous cutting of coupons. It appears that the proposed form for "Report of Honored Bond/s" contains the same features as the "Report of Dishonored Check." In reply, please be informed that since the proposed format to report transactions involving dishonored bonds is to assure uniformity in reporting, your request is hereby granted pursuant to Section 4 (i) of the Tax Code. This serves as your authority to adopt the proposed form for "Report of Dishonored Bonds" to report transactions involving dishonored bonds. Very truly yours, JOSE U. ONG Commissioner of Internal Revenue