RMC No. 01-2008: Circularizes the full text of unnumbered memorandum regarding “Request to Allow Revenue Collection Officers to Receive Tax Payments, in Cash or in Checks over the P 10,000.00 Threshold”

Summary

RMC No. 1-2008 circularizes the full text of an unnumbered memorandum dated November 29, 2007 on allowing Revenue Collection Officers to receive tax payments in cash or checks over the P10,000.00 threshold.

Key points

1. Recommendation. The memorandum from the OIC-Assistant Commissioner, Collection Service, recommends raising the threshold for cash or check payments received by RCOs in Revenue Regions and Revenue District Offices to P20,000.00.
2. Current rule and reason. Under RMO No. 4-2007, Revenue Official Receipts are limited to cash or check payments not exceeding P10,000.00 per return. The change responds to the limited accommodation AABs extend to taxpayers paying through banks.
3. Approval. The OIC-Deputy Commissioner, Operations Group endorsed the recommendation and the Commissioner of Internal Revenue approved it.

Who is affected

• Taxpayers paying through RCOs

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.