Summary
RMO No. 15-2016 amends RMO No. 30-2001 on the provisions for bank accreditation applications.
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Key points
- Bank Accreditation Committee. The Head Revenue Executive Assistants of ISDOS and ISPMS are added as members of the Bank Accreditation Committee (BAC). The BAC evaluates applications for accreditation, renewal, disaccreditation and waiver of penalties of banks, and recommends to the Commissioner, the Deputy Commissioner for Operations Group, or the Management Committee.
- BAC Secretariat. A representative from ISPMS is added to the BAC Secretariat. The Secretariat schedules meetings, prepares notices and minutes, and liaises with AABs.
Who is affected
- Banks applying for accreditation
- Members of the Bank Accreditation Committee
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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