RMC No. 29-2003: Prescribes the guidelines for the filing of monthly Value-Added Tax return for the month of April, 2003 by banks, non-bank financial intermediaries, finance companies and other financial intermediaries not performing quasi-banking functions

Summary

RMC No. 29-2003 gives guidelines for filing the April 2003 monthly VAT return by banks, non-bank financial intermediaries, finance companies and other financial intermediaries not performing quasi-banking functions.

Key points

1. Manual tentative return. Financial institutions may file a tentative VAT return for April manually until May 20, 2003. Those enrolled in the BIR Electronic Filing and Payment System have a VAT payment deadline of May 26, 2003.
2. Withheld VAT. VAT withheld by legitimate withholding agents is reported in the VAT Declaration/Return under the line or field “Creditable Value-Added Tax Withhled.”
3. Amended returns. Banks may amend the monthly return covering April 2003 transactions until June 30, 2003, without penalty.

Who is affected

• Banks
• Non-bank financial intermediaries and finance companies
• Other financial intermediaries not performing quasi-banking functions

Deadlines and effectivity

• Manual tentative April return: until May 20, 2003
• VAT payment for BIR Electronic Filing and Payment System enrollees: May 26, 2003
• Amendment without penalty: until June 30, 2003

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