Opening/Maintaining of Deposit Accounts by the Bureau of the Treasury with BIR/BOC Accredited Agent Banks

September 20, 2002 DOF DEPARTMENT ORDER NO . 073-02 TO : All Concerned Attached Agencies of DOF and BIR/BOC Authorized Accredited Agent Banks SUBJECT : Opening/Maintaining of Deposit Accounts by the Bureau of the Treasury with BIR/BOC Accredited Agent Banks 1.0 Purpose This order is being issued to authorize the Bureau of the Treasury (BTr) to open and maintain deposit accounts with BIR/BOC Authorized Agent Banks to safeguard and improve internal revenue tax and customs duties collections. 2.0 General Guidelines 2.1 As part of the Department's efforts to strengthen the fiscal position of the Government through more efficient means of collecting taxes, the Bureau of the Treasury is hereby authorized to maintain deposit accounts with Authorized Agent Banks (AABs) for the purpose of collecting internal revenue taxes and customs duties. 2.2 The deposit account shall be used solely for revenue collection purposes. After a "float" period specified in a Memorandum of Agreement (MOA) to be entered by and between the Bureau of the Treasury, Bureau of Internal Revenue, Bureau of Customs and the participating AAB, the collected amount shall be automatically transferred to the account of the Treasurer of the Philippines with the Bangko Sentral ng Pilipinas. Failure of the AAB to value deposit on the first day after the "float" shall subject the bank to a penalty rate to be prescribed in the MOA stated above. 3.0 Effectivity This order shall take effect immediately. All orders inconsistent herewith are deemed superseded. (SGD.) JOSE ISIDRO N. CAMACHO Secretary