RMO No. 04-99: Prescribes the policies and procedures for the processing and monitoring of commercial and universal banks’ tax liabilities

Key points

1. Payment through EFTIS. All types of taxes due from these banks are paid through the Electronic Fund Transfer Instruction System (EFTIS). Capital Gains Tax and the corresponding Documentary Stamp Tax are excepted.
2. Filing of returns. All tax returns are filed at the Bureau’s Large Taxpayers Division. Capital Gains Tax Returns and the corresponding Documentary Stamp Tax Returns are excepted.
3. Information requirements. The banks provide the BIR’s information requirements through the Information Systems Operations Service Data Center and the Bangko Sentral ng Pilipinas.

Who is affected

• Commercial and universal banks