TAX PAYMENT ACCREDITATION OF BANKS

PHILIPPINES – The Bureau of Internal Revenue (BIR) is reviewing its policy governing the accreditation of banks for tax payments.


The move is to address complaints from tax payer against banks which do not accept tax payments during the annual income tax filing season.


Taxpayers go to banks to file their income tax return when income tax filing nears the April 15 deadline. However some taxpayers have complained that they are turned away by some banks for being non depositors.


The BIR deputy commissioner for operation Nelson Aspe said the situation has forced taxpayers to swamp to others banks, which in turn, cause inconvenience to the general public. To address these problem, it is imperative act to make the necessary changes to the existing policy relative to the collection and remittance of taxes paid thru accredited banks.


According to the BIR, all banks presently authorized to collect internal revenue taxes may continue to do so until such time the new memorandum of agreement is executed among the BIR, the Bureau of Treasury and the Banks which have qualified for accreditation.


Based on the proposed agreement, all internal revenue collection for electronic filing transaction shall be credited to the account of the Bureau of Treasury on the date of collection and remitted on the date prescribed in a written communication by the assistant Commissioner of the BIR’s Collections Service.


For the over the counter transaction, all internal revenue collection shall be credited to the account of Bureau of Treasury on the date of the collection and remitted on the date prescribed.


Prior to the execution of the agreement, all accredited banks shall comply with the responsibilities indicated in the existing agreement.


The Banks should also file a letter of intent indicating the list of branches for accreditation and submit the necessary documents within 30 days from the effectivity of the regulation.



In the case of penalties for late remittance of tax collection, full payment of penalties imposed shall be paid, except for those who have pending application for compromise settlement filed and received not later than December 3, 2007.

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