RR No. 28-2003: Amends portions of RR Nos. 2-98 and 4-2002 relative to the issuance of Certificate of Value-Added Tax Withheld at Source on certain income payments made by the Bureau of Treasury.

Key points

1. Consolidated certificate. For income (interest, discount or trading gain) earned by financial institutions on Treasury Bills and Bonds, the BTR may issue one consolidated Certificate of VAT Withheld at Source (BIR Form No. 2307). It covers the total income payment and the VAT withheld during the month.
2. Attached summary list. The certificate carries a summary list showing the name of the financial institution, TIN, period covered, amount of income, and VAT remitted to the account of the BIR.
3. Signature and submission. The certificate and attachment bear the signature of the Treasurer of the Philippines or an authorized representative. They are submitted directly to the BIR, Attention: ISOS DC Head.
4. Individual certifications. The Revenue District Officer with jurisdiction over the BTR’s principal place of business issues individual certificates to the financial institutions. They reflect, per institution or payee, the data in the BIR Form No. 2307 and its attachment. This certification is attached to the VAT return instead of BIR Form No. 2307 as proof of the creditable VAT withheld.

Who is affected

• Bureau of Treasury
• Financial institutions earning income on Treasury Bills and Bonds

Deadlines and effectivity

• Consolidated certificate covers the VAT withheld during the month