Publishing Pertinent Portions of Central Bank of the Philippines Circular No. 707, Series of 1979

January 2, 1980 REVENUE MEMORANDUM CIRCULAR NO. 02-80 SUBJECT : Publishing Pertinent Portions of Central Bank of the Philippines Circular No. 707, Series of 1979 TO : All Internal Revenue Officers and Others Concerned For the information and guidance of all concerned there is published hereunder the provisions of Central Bank Circular No. 707, Series of 1979 applicable to the payment of national internal revenue taxes through the banking system: "The Monetary Board, in its Resolution No. 2063 dated November 23, 1979, approved the following amendments to Circulars No. 640 dated November 20, 1978, 217 February 8, 1966, 313 dated November 26, 1970 and 426 dated August 21, 1974 on the rules and regulations governing the collection of internal revenue taxes and customs duties, taxes and other levies: "Sec. 1. Section 2 of Circular No. 640 is hereby amended to read as follows: "Authorized agent banks which include head offices, branches and agencies of commercial banks, savings and mortgage banks, stock savings and loan associations, development banks, the Development Bank of the Philippines and the Land Bank of the Philippines shall accept payment from the taxpayer the full amount of internal revenue taxes stated in space number 9 of the Revenue Tax Receipt (RTR) issued by the Commissioner of Internal Revenue or his authorized deputy, in the form of cash, cashier's, treasurer's manager's or certified checks, and checks drawn by the taxpayers or advice by the taxpayer to its bank to debit its account and shall issue and validate the corresponding Confirmation Receipt (CR) on forms prescribed for this purpose. However, payments made through a debit to the account of the taxpayer shall involve amounts of P20,000.00 and above only and accordingly, in the preparation of the Revenue Tax Receipt (RTR), the Commissioner of Internal Revenue or his authorized deputy, shall, upon inquiry from the taxpayer, indicate thereon the name of the authorized agent bank to whom the "taxpayer shall pay. In turn, the authorized agent bank shall indicate in space number 12 of the Confirmation Receipt the remarks "Account debited." Such Confirmation Receipt forms shall be supplied to the Authorized Agent Banks by the Revenue Collection Office, Central Bank, and shall be treated as accountable forms by the Authorized Agent Banks. In the cities of Cebu, Davao, Bacolod, Iloilo and Cagayan de Oro, Confirmation Receipt forms (CR) shall be supplied to the branch offices of the Authorized Agent Banks by the Central Bank's Revenue Collection Regional Units in the said cities and shall be treated as accountable forms by said branches of Authorized Agent Banks. Authorized Agent Banks shall be required to submit a monthly Inventory Report of Confirmation Receipt (CR) to the Revenue Collection Office, Central Bank or its Revenue Collection Regional Units, not later than the 15th day of the succeeding month. However, in case of documentary, science and strip stamps, payment thereof shall be in the form of cash or cashier's manager's, treasurer's or certified checks. A check accepted for payment of taxes shall apply to only one Confirmation Receipt (CR). The Bureau of Internal Revenue shall be the sole agency to issue Revenue Tax Receipts (RTRs) to taxpayers and shall be fully accountable to the Central Bank for all Revenue Tax Receipt forms issued by them." aisa dc All Internal Revenue Officers are enjoined to give these provisions of CB Circular No. 707 as wide a publicity as possible. EFREN I. PLANA Acting Commissioner