RMC No. 43-2015: Advises all Revenue Collection Officers not to accept checks/drawn checks from closed banks in payment of internal revenue taxes

Summary

RMC No. 43-2015 advises Revenue Collection Officers not to accept checks from banks that were ordered closed from January 2014 to June 30, 2015, in payment of internal revenue taxes.

Key points

1. No checks from closed banks. Revenue Collection Officers, Special Collection Officers and Collection Officers do not accept checks or drawn checks in payment of internal revenue taxes from the banks on the lists of banks ordered closed from January 2014 to June 30, 2015. The lists come from reports of the Philippine Deposit Insurance Corporation (PDIC).
2. Status of the banks. Under Monetary Board Resolutions of the Banko Sentral ng Pilipinas, these banks and their branches are prohibited from doing business in the Philippines. All have been placed under receivership with PDIC as the designated Receiver.

Who is affected

• Revenue Collection Officers, Special Collection Officers and Collection Officers

Deadlines and effectivity

• Banks ordered closed from January 2014 to June 30, 2015

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