Amendment to Revenue Regulations No. 2-77

March 15, 1977 REVENUE MEMORANDUM CIRCULAR NO. 08-77 SUBJECT : Amendment to Revenue Regulations No. 2-77 TO : All Internal Revenue Officers and others concerned In connection with the requirements of Revenue Regulations No. 8-76 which requires the filing of BIR Form 1701B not later than January 31, 1977 for fixed income payments received in the year 1976 which was amended by Revenue Regulations No. 2-77 extending the filing thereof to March 15, 1977, Section 2(b) of Revenue Regulations No. 2-77 has been amended by this Revenue Regulations (No. 3-77) which is quoted hereunder: "(b) Extension to file 1976 information returns and accompanying statements . BIR Form No. 1701B and accompanying alphabetical list covering 1976 income payments shall be filed on or before March 15, 1977. HOWEVER, BANKS AND NON-BANKS ENGAGED IN MONEY MARKET OPERATIONS OR DEALING IN DEPOSIT SUBSTITUTES MAY FILE BIR FORM NO. 1701B COVERING 1976 PAYMENTS FOR INTEREST ON MONEY MARKET OPERATIONS OR DEALINGS IN DEPOSIT SUBSTITUTES ONLY NOT LATER THAN APRIL 15, 1977. Thereafter, all BIR Form 1701B covering income payments in 1977 and later calendar years shall be filed on or before January 31 of the succeeding year." In accordance with the circular, the filing of 1701B covering 1976 payments has been extended to April 15 for interest on money market operations or dealings in deposit substitutes only. The extension covers only taxpayers who are classified as banks or non-banks engaged in money market operations or dealing in deposit substitutes. Since money market transactions or dealings in deposit substitutes are voluminous, the said banks and non-banks have been given more time than others to meet the deadline prescribed in Revenue Regulations No. 2-77. With respect, however, to fixed or determinable income payments other than interest on deposit substitutes or dealing in money market (and interest on bank deposits, the distribution of which is prohibited by 14-05), the filing of the said income payments is not included in the extension. All those concerned are hereby enjoined to give as wide a publicity of the provisions of this circular as possible. aisa dc EFREN I. PLANA Acting Commissioner of Internal Revenue TAN-P4519-F2828-A-8