RMC No. 19-2003: Provides the guidelines for the filing of the first quarter Value-Added Tax Return for 2003 by banks, non-bank financial intermediaries and finance companies

Key points

1. Manner of filing. These institutions may file the return manually. A no-payment return goes to the BIR Office/RDO, and a return with payment goes to Accredited Agent Banks of that office.
2. Pending issues. After the pending issues are settled and a clarificatory Revenue Memorandum Circular is released, any under-payment or over-payment is paid or credited against future VAT/Percentage Tax dues. No penalty or surcharge applies.

Who is affected

• Banks
• Non-bank financial intermediaries
• Finance companies

Deadlines and effectivity

• Covers the first quarter VAT return for 2003