RMC No. 67-2008: Clarifies the prescribed date of collection of all accepted tax returns and payments, including payment thru checks received by Authorized Agent Banks after clearing cut-off time

Summary

RMC No. 67-2008 clarifies the date of collection for accepted tax returns and payments received by Authorized Agent Banks, including checks received after the clearing cut-off time.

Key points

1. Same-day validation and reporting. AABs validate and report all accepted returns and payments on the day of acceptance or transaction. The date in the Batch Control Sheet report is the actual day the return was filed and the payment made, including checks received after the clearing cut-off.
2. Late reporting. A transaction reported on, or a BCS dated, the following day counts as reported and remitted late and is subject to the appropriate penalty.
3. No extra day. The BIR no longer allows an additional day in the BCS reporting date, because the float period was already increased under Revenue Regulations No. 2-2008.

Who is affected

• Authorized Agent Banks

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