RMC No. 10-2017: Clarifies the bookeeping requirements of National Government Agencies, Government Agencies and Instrumentalities and Government-Owned and-Controlled Corporations

Key points

1. Registration of books. NGAs, GAIs and GOCCs vested with functions relating to public needs, whether governmental or propriety in nature, must register and keep their books of accounts.
2. eNGAS users. Entities using the Commission on Audit-developed Electronic New Government Accounting System (eNGAS) need not apply for a Permit to Use. They must still submit the eNGAS in electronic format because of payment, remittance and tax liability verification requirements.
3. Other accounting systems. Entities using other accounting systems or components must apply for a Permit to Use. They submit and register the system in electronic format with the Revenue District Office over their principal place of business, or with the Large Taxpayers Assistance Division, Excise Large Taxpayers Regulatory Division, or Large Taxpayers Division (LTD)-Cebu or LTD-Davao where the head office is registered.

Who is affected

• National Government Agencies
• Government Agencies and Instrumentalities
• Government-Owned and-Controlled Corporations

Deadlines and effectivity

• Registration within thirty (30) days from the close of each taxable year, or within 30 days upon termination of use of the system