Payment of Internal Revenue Taxes by the BSP Through its Checkless Payment System
Revenue Memorandum Circular No. 31-04 • Bureau of Internal Revenue (BIR) Issuances • Revenue Memorandum Circulars • Apr 26, 2004
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April 26, 2004 REVENUE MEMORANDUM CIRCULAR NO. 31-04 SUBJECT : Payment of Internal Revenue Taxes by the Bangko Sentral ng Pilipinas through its Checkless Payment System TO : All Internal Revenue Officials, Employees and Others Concerned To all internal revenue officials and others concerned, please be informed that: A. The Bangko Sentral ng Pilipinas (BSP) in compliance to R.A. 8792 or the Electronic Commerce Act is currently implementing its Checkless Payment System; B. The BSP is allowed to pay all its internal revenue taxes nationwide by directly crediting the account of the Treasurer of the Philippines (TOP); C. Relative hereto, the following policies and guidelines are hereby prescribed: 1. The BSP shall: a) File their tax returns together with the attached Direct Credit Advice, as proof of payment, to the Revenue District Offices having jurisdiction over the transaction/collection; Note: The BSP credit advice (Annex A) shall be considered as sufficient proof of payment. b) The BSP will provide the Bureau, specifically the Collection Service, Attention: Revenue Accounting Division, with a Monthly Summary Listing (Annex B sample format) of all direct credit advice issued in payment of their internal revenue taxes for monitoring and reconciliation purposes. 2. The RDO shall: a) Receive the tax return from BSP with the attached BSP Credit Advice. b) Include the collection from the BSP in their BIR Form 12.09 report. c) Submit a Monthly Report of BSP Payment through Credit Advice to the Collection Service, Attention: Revenue Accounting Division, every 10th day of the month. 3. The Revenue Accounting Division (RAD) shall: a) Receive the Monthly Report of BSP Payment through Credit Advice from the RDOs and the Monthly Summary Listing of BSP Credit Advice/Ticket Issued from the BSP. b) Reconcile the report of the RDOs and the report of BSP. c) Reconcile direct credit collection with those recorded by the Bureau of Treasury. DCISAE Please be guided accordingly. (SGD.) GUILLERMO L. PARAYNO, JR. Commissioner of Internal Revenue ANNEX A Credit Advice ANNEX B Monthly Summary Listing of Credit Advice Issued Monthly Report of BSP Payment through Credit Advice
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