Cut-off Date for Closing the Monthly Reports of Collections (BIR Form Nos. 12.31 and 12.01) and Deadline for Submission to the Chief Accountant

June 27, 1964 REVENUE MEMORANDUM CIRCULAR NO. 24-64 TO : All Regional Directors, Chief Revenue Officers, Collection Agents and All Others Concerned SUBJECT : Cut-off Date for Closing the Monthly Reports of Collections (BIR Form Nos. 12.31 and 12.01) and Deadline for Submission to the Chief Accountant This is a clarification of the correct cut-off date for closing the monthly reports of collections (BIR Form Nos. 12.31 and 12.01). Department Memorandum Circular No. 3 dated October 15, 1960, which originally prescribed the accounting and reporting procedure for internal revenue collections upon the assumption of duty of BIR Collection Agents and Clerks, provides for the closure of the Report of Collections on the 25th of the month, except in June when closure shall be at the month-end. The 25th of the month was originally chosen as the cut-off date in order to give ample time to Collection Agents and Clerks to submit their Report of Collections (BIR Form No. 12.31) to the Accounting Division on or before the 5th day of the following month, the deadline set for their submission as per memorandum of the Commissioner of Internal Revenue dated September 4, 1961. This deadline was established so that the Bureau, thru the Accounting Division, would have enough time to consolidate and submit its Summarized Report of Income to the General Auditing Office and the Budget Commission for fiscal purposes, on or before the 10th of every month. LLphil Department Order No. 31-63 was issued on February 6, 1963 providing for the closure of reports of collections at the end of the month. However, in view of the confusion and delay resulting from its vague and ambiguous provisions, the General Auditing Office issued on June 20, 1963, General Circular No. 82 which was adopted and re-stated by Department Memorandum Circular No. 19-63 dated September 25, 1963. This last two circulars were further supplemented by GAO General Circular No. 82-A which was issued on October 14, 1963. These circulars revoked and modified Department Order No. 31-63 by providing for a more expeditious remittance of collections to the National Treasury and the prompt reporting thereof to the Accounting Division of the Bureau. While these amending circulars did not expressly state the closing period insofar as Internal Revenue collections are concerned, it can be deduced that the cut-off date of the reports of collections has also been amended to revert back to the 25th of every month except on June 30th, to enable the Bureau to consolidate and submit data of its internal revenue collections to the fiscal authorities within 10 days of the following month. This memorandum is therefore a restatement of the cut-off date of reports of collections (which is the 25th of each month except June 30th), and the deadline for their submission to the Accounting Division, which is the 5th of the following month. Strict compliance thereto by all concerned is hereby enjoined. LLjur (SGD.) BENJAMIN N. TABIOS Acting Commissioner of Internal Revenue