Amending Revenue Regulations No. 4-89 Requiring Banks, Financial Institutions, Non-Bank Financial Intermediaries, and Insurance Companies to File a Monthly Information Return for Documentary Stamp Taxes Paid

February 29, 1996 REVENUE REGULATIONS NO. 04-96 SUBJECT : Amending Revenue Regulations No. 4-89 Requiring Banks, Financial Institutions, Non-Bank Financial Intermediaries, and Insurance Companies to File a Monthly Information Return for Documentary Stamp Taxes Paid TO : All Banks, Financial Institutions, Non-Bank Financial Intermediaries, Insurance Companies, Internal Revenue Officers and Others Concerned SECTION 1 . Scope . Pursuant to Section 245 in relation to Section 4 of the National Internal Revenue Code (NIRC), as amended, these regulations are hereby promulgated amending Revenue Regulations No. 4-89, requiring Banks, Financial Institutions, Non-Bank Financial Intermediaries, and Insurance Companies to file a monthly information return for documentary stamp taxes paid. SECTION 2 . Requirements . Every Bank, Financial Institution, Non-Bank Financial Intermediary and Insurance Company doing business in the Philippines shall file a monthly information return under a BIR Form as may be prescribed by the Commissioner of Internal Revenue concerning its payment/s of documentary stamp taxes during the month showing, among others, the kind or class of taxable documents for which the documentary stamp taxes were paid, the amount of documentary stamp taxes paid thereon, the official receipt evidencing payment and the date/s of payment thereof. This return shall be accomplished and filed in duplicate and shall be signed jointly by the Company's President and Treasurer, subject to penalties of perjury. When both parties to a document enjoy exemption from documentary stamp tax pursuant to a special law and therefore no tax shall be due thereon, the monthly information return shall nonetheless be filed by both parties, indicating, among others, the special law granting the tax exemption. SECTION 3 . When and where to file . The information return prescribed in Section 2 hereof shall be filed within ten (10) days following the close of the month covered by the aforesaid return. The same shall be filed with the Revenue District Office having jurisdiction over the place where the Head Office or Principal Office of the company is located and registered. SECTION 4 . Penalty Clause . Failure to file the aforesaid information return or failure to file the same within the time herein prescribed shall be punishable as provided for under Section 274, NIRC. SECTION 5 . Repealing Clause . The provisions of Revenue Regulations No. 4-89 and any revenue issuance inconsistent herewith are hereby repealed, amended, or modified accordingly. SECTION 6 . Effectivity Clause . These regulations shall take effect fifteen (15) days after publication in the Official Gazette or in any newspaper of general circulation. The initial monthly information return to be filed as required under these regulations shall cover the month immediately following the month when these regulations became effective. ROBERTO F. DE OCAMPO Secretary of Finance Recommending Approval: LIWAYWAY VINZONS-CHATO Commissioner of Internal Revenue