Additional Taxes to be Paid Through the Banking System

January 25, 1972 REVENUE MEMORANDUM CIRCULAR NO. 02-72 SUBJECT : Additional Taxes to be Paid Through the Banking System TO : All Internal Revenue Officers, Employees and Others Concerned In connection with Executive Order No. 206 dated January 9, 1970 prescribing the procedure for the payment of certain internal revenue taxes through banks as amended by Executive Order No. 339 dated September 9, 1971, adding other internal revenue taxes to be paid through the banking system, there is quoted hereunder the provisions of Circular No. 335 series of 1971 of the Central Bank of the Philippines implementing Executive Order No. 339: CENTRAL BANK OF THE PHILIPPINES Manila "CIRCULAR No. 335 Series of 1971 "In implementation of Executive Order No. 339 of the President of the Philippines dated September 9, 1971, amending Executive Order No. 206 of January 9, 1970 and directing the Central Bank of the Philippines to receive payment through the banking system of other national internal revenue taxes, the additional internal revenue taxes to be collected under the arrangements set up in Central Bank Circular No. 296 dated March 24, 1970 and No. 314 dated November 26, 1970 shall be as follows: "1) Specific taxes "2) Mining taxes "3) Charges on Forest Products "4) Sugar Adjustments Tax "This Circular shall take effect on February 1, 1972. "FOR THE MONETARY BOARD: "(Sgd.) G. S. LICAROS Governor" "December 28, 1971" Accordingly, the internal revenue taxes to be paid thru the banks as contained in the aforementioned Executive Orders and which shall be effective on February 1, 1972 are as follows: a. Income taxes, including withholding taxes on wages; b. Estate, inheritance and gift taxes; c. Percentage taxes prescribed in Title V of the National Internal Revenue Code, except percentage taxes arising from imports; d. Taxes on banks, taxes on insurance companies, franchises taxes and taxes on amusements; e. Specific taxes; f. Mining taxes; g. Charges on Forest Product; and h. Sugar Adjustment Taxes. All other taxes not included in the above enumeration shall continue to be paid thru the Collection Agents of the Bureau of Internal Revenue which are as follows: a. Privilege taxes on business and occupation; b. Documentary stamp tax; c. Firearms tax; d. Tobacco inspection fee; e. Water rentals; f. Residence taxes. All those concerned are enjoined to be guided accordingly. cdt MISAEL P. VERA Commissioner of Internal Revenue