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RMC No. 46-2011: Clarifies the definition of “Financial Institutions” as used in RR No. 4-2011 on the “Proper Allocation of Costs and Expenses Amongst Income Earnings of Banks and Other Financial Institutions for Income Tax Reporting Purposes”

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Summary

RMC No. 46-2011 clarifies the term Financial Institution as used in RR No. 4-2011 on proper allocation of costs and expenses among income earnings of banks and other financial institutions.

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Key points

  1. Definition. Financial Institution, as defined in RR No. 9-2004, means banks, non-bank financial intermediaries performing quasi-banking functions, and other non-bank financial intermediaries including finance companies.
  2. Exclusion. The term does not include insurance companies.

Who is affected

  • Banks
  • Non-bank financial intermediaries and finance companies

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.

Related issuances (2)

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CitesRR No. 09-2004RR No. 4-2011

Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.