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RMC No. 20-2002: Circularizes the agreement between the BIR and the Bankers Association of the Philippines that the Electronic Fund Transfer Instruction System (EFTIS) currently used by Commercial and Universal banks in paying their own tax liabilities shall be considered as e-payment

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Summary

RMC No. 20-2002, issued June 21, 2002, circularizes an agreement between the BIR and the Bankers Association of the Philippines. The Electronic Fund Transfer Instruction System (EFTIS) counts as E-Payment.

Key points

  1. EFTIS treated as E-Payment. Commercial and universal banks currently use EFTIS to pay their own tax liabilities. Under the agreement, this is considered E-Payment.

Who is affected

  • Commercial and universal banks paying their own tax liabilities

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

Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.