Amending Revenue Regulations No. 23-84

March 1, 1985 REVENUE REGULATIONS NO. 03-85 SUBJECT : Amending Revenue Regulations No. 23-84 TO : All Internal Revenue Officers and Others Concerned SECTION 1 . Scope . Pursuant to the provisions of Section 47 of Presidential Decree no. 1959 and Section 326 in relation to Section 4 of the National Internal Revenue Code, as amended, these regulations are hereby promulgated to amend the manner of filing and paying taxes withheld on interest on deposits and deposit substitutes. cd i 2 . Manner of filing returns and payment of taxes . The provisions of Section 5 of Revenue Regulations No. 17-84 on the manner of filing returns and paying taxes withheld which was amended by Revenue Regulations No. 23-84 is hereby restored and shall read as follows: Sec. 5. Manner of filing returns and payment of taxes . The taxes herein deducted and withheld shall be declared in a return which shall be filed in duplicate within twenty five (25) days after the end of each quarter of any calendar year with the Revenue District Officer or Collection Agent or duly authorized Treasurer of the city or municipality where the withholding agent's principal office is located and where its books of accounts are kept except in cases where the Commissioner of Internal Revenue otherwise allows. Upon filing of the return payment of the taxes shall be made to accredited banks, or, in places where there are no such banks, to the Collection Agent or authorized Municipal Treasurer. SECTION 3 . Effectivity . These regulations shall take effect beginning with the second quarter of calendar year 1985. However, a quarterly return for the first quarter of 1985 embodying any adjustments for the months of January and February shall be filed on or before the 25th day of April, 1985. (SGD.) CESAR E.A. VIRATA Minister of Finance Recommended by: (SGD.) RUBEN B. ANCHETA Acting Commissioner