Procedures Relating to the Imposition of Special Excise Tax on Sale of Foreign Exchange by Central Bank and Its Agents under Revenue Regulations No. 7-84 Implementing PD 1928

August 21, 1984 REVENUE MEMORANDUM ORDER NO. 27-84 SUBJECT : Procedures Relating to the Imposition of Special Excise Tax on Sale of Foreign Exchange by Central Bank and Its Agents under Revenue Regulations No. 7-84 Implementing PD 1928 TO : All Internal Revenue Officers and Others Concerned Objectives: To provide an effective system in the receipt, transmittal and processing of Special Excise Tax Return (BIR Form No. 33.02) and monthly Return of Special Excise Tax Collected (BIR Form 33.03). Procedures: The following procedures in the filing of returns and payment of the tax are hereby prescribed: A. Special Excise Tax Return (BIR Form 33.02) shall be filed by the bank authorized to sell foreign exchange with the Collection Agent (CA) or Revenue District Officer (RDO) of the city or municipality where the office of the seller-bank is located on the next working day after the day the transactions were consummated: The tax assessed and collected shall be remitted to the BIR upon filing of the return thru the accredited bank indicated in the payment order. B. Monthly Return of Special Excise Tax Collected (BIR Form No. 33.03) shall be filed with the 2nd copies of all BIR Form 33.02 collected during the month not later than the fifteenth day of the succeeding month by the head office of the Central Bank (CB) or by the head offices of its authorized agent banks with the Banks, Financing and Insurance Division (BF & ID). Duties/Responsibilities: A. Collection Agent shall: 1. Receive from seller-bank BIR Form 33.02, stamp date of receipt on the proper space on all the 4 copies of the return; 2. Issue Payment Order (PO) for the amount of special excise tax assessed and collected as indicated in the return (for this purpose, use tax numeric code no. 7660-0001); address the payment order to the seller-bank if the same is accredited with the BIR; 3. Retain original copy of BIR Form 33.02 and release the 2nd, 3rd and 4th copies of the return to seller-bank; cdt 4. Prepare Transmittal Letter addressed to Banks, Financing & Insurance Division for the signature of the Revenue District Officer every Friday enclosing therewith the original copies of the returns filed within the week. B. Revenue District Officer shall: 1. Check, immediately upon receipt, if all the originals of BIR Form No. 33.02 listed in the Transmittal Letter are attached; 2. Sign the Transmittal Letter; 3. Forward the Transmittal Letter with the enclosed returns to the Banks, Financing & Insurance Division on the same day it was received from CA, copy furnished the Regional Director. C. Banks, Financing & Insurance Division shall: 1. Review BIR Form No. 33.02 to make certain that these returns conform with pertinent rules and regulations; casia 2. Receive from filer-bank BIR Form No. 33.03, with the 2nd copy of all 33.02 filed during the month, duly noted by the BIR Receiving Officer; stamp date of receipt on the proper space on all the three (3) copies of the return; 3. Release to filer-bank 3rd copy of BIR Form No. 33.03; 4. Reconcile BIR Form No. 33.02 filed by seller-bank with BIR Form No. 33.03 filed by the head office of CB or its authorized agent banks; 5. Undertake necessary steps to correct discrepancies on the reports. This undertaking shall be separate and distinct from its regular annual examination of banks. Repealing Clause: Any provision of any issuance which is inconsistent with this Order is hereby revoked. Effectivity: This Order shall be effective from its date of approval until December 31, 1985. aisa dc (SGD.) RUBEN B. ANCHETA Acting Commissioner