Penalties to be Collected on Reserve Deficiencies Incurred by Banks

September 25, 1933 DOF REGULATIONS NO. 079-33 1 SUBJECT : Penalties to be Collected on Reserve Deficiencies Incurred by Banks TO : All Banking Corporations, Internal-Revenue Officers, and Others Concerned SECTION 1. Scope. In accordance with the provisions of section 126 of Act No. 1459, otherwise known as the Corporation Law, as amended by section 7 of Act No. 3610, the following regulations relative to the manner of collecting and accounting for the penalties to be collected and paid upon all deficiencies in the reserves required to be maintained at all times by commercial banking corporations, are hereby promulgated and they shall be known as Regulations No. ____. SECTION 2. Manner of Ascertaining Reserve Deficiencies. At the end of each month the Bank Commissioner will furnish the Collector of Internal Revenue with a statement of the reserve deficiencies incurred during the month by each commercial banking corporation doing or licensed to do business in the Philippine Islands. Such statement shall contain a correct amount of the deficiencies incurred by each bank and the dates on which the deficiencies have been incurred. Upon receipt of the statement required herein the Collector of Internal Revenue will assess the amount of penalties to be collected and paid upon the reserve deficiencies reported and shall notify at once the bank or banks who are liable therefor. SECTION 3. Assessment Notice and Payment of Penalties Due. The payment of the penalties to be collected on the reserve deficiencies as determined in the manner prescribed in section 2 of these regulations shall be made to the city treasurer, Manila, upon receipt of the proper assessment notice therefor. The penalties collected shall be accounted for under Schedule G of the Bureau of Internal Revenue, and the payment thereof shall be evidenced by the issuance of the proper miscellaneous tax-receipt prescribed by said Bureau. DaTICE SECTION 4. Effective Date. These regulations shall take effect upon their promulgation in the Official Gazette. Manila, September 25, 1933. VICENTE SINGSON ENCARNACION Acting Secretary of Finance Recommended by: JUAN POSADAS, JR. Collector of Internal Revenue Footnotes 1. Promulgated October 5, 1933, XXXI, Off. Gaz., 119, page 2964.