Clarification on the Definition of "Financial Institutions" as Used in Revenue Regulations (RR) No. 4-2011 on the "Proper Allocation of Costs and Expenses Amongst Income Earnings of Banks and Other Financial Institutions for Income Tax Reporting Purposes"

October 3, 2011 REVENUE MEMORANDUM CIRCULAR NO. 046-11 SUBJECT : Clarification on the Definition of "Financial Institutions" as Used in Revenue Regulations (RR) No. 4-2011 on the "Proper Allocation of Costs and Expenses Amongst Income Earnings of Banks and Other Financial Institutions for Income Tax Reporting Purposes" TO : All Revenue Officials, Revenue Employees and Others Concerned For the information and guidance of all concerned, the definition of the term "Financial Institution" in RR No. 9-2004 , is hereby provided to clearly identify institutions covered by the aforementioned regulations. The term "Financial Institution", as defined in RR No. 9-2004, is hereby adopted, to wit: "Financial Institution shall refer to banks, non-bank financial intermediaries performing quasi-banking functions, and other non-bank financial intermediaries including finance companies. This does not, however, include insurance companies." All internal revenue officers are hereby enjoined to give this Circular a wide publicity as possible. (SGD.) KIM S. JACINTO-HENARES Commissioner of Internal Revenue