Summary
RMO No. 15-2005 sets policies, guidelines and procedures implementing RR No. 4-2005, which carries out BSP Circular No. 472 requiring bank borrowers and co-makers to submit their latest ITR and Financial Statement received by the BIR.
Key points
- ITRs deemed stamped received. Annual ITRs (BIR Form Nos. 1701 and 1702) of credit applicants and co-makers/guarantors are deemed stamped received if filed through eFPS with a reference number, through the RDO for a no-payment ITR, or through an Authorized Agent Bank for an ITR with payment.
- Acceptable financial statements. Starting CY 2005, banks accept for loan purposes only financial statements of corporations with total assets of more than P 15 Million that were audited by external auditors accredited by the Securities and Exchange Commission.
- Verifying eFPS-filed ITRs. Banks verify at the BIR Contact Center (BIRCC, 981-8888) by answering validation questions based on the ITR. The ITR is deemed authentic if the answers match the eFPS database, and verification may also be done through the BIR Portal once the eFPS Verification channel is available.
- Verifying non-eFPS ITRs and FS. Bank representatives fax the documents with the prescribed Authenticity Verification Request Form to the BIRCC (fax no. 981-7202). The BIRCC checks with the concerned RDO and calls the bank back with the RDO’s findings.
Who is affected
- Credit applicants, co-makers and guarantors
- Banks
- Corporations with total assets of more than P 15 Million
Deadlines and effectivity
- Financial statement rule: starting CY 2005
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.