RMO No. 29-2016: Revises the guidelines and procedures in the designation, assignment of Revenue Collection Officers (RCO) codes and issuance of fidelity bonds for RCOs authorized to accept tax returns and collect tax payments

Summary

RMO No. 29-2016 revises the guidelines for designating Revenue Collection Officers (RCOs), assigning RCO codes and issuing fidelity bonds for RCOs authorized to accept tax returns and collect tax payments.

Key points

1. Who may be designated. Only revenue personnel in a Collection item are designated as RCO, except Special Collecting Officers authorized to receive collections such as cash proceeds from loose documentary stamps. If no other collection officers are available, non-collection Revenue Officers of the RDO may be designated for: prolonged sickness, temporary physical disability or approved leave of the assigned RCO; death or permanent physical disability of the RCO; or temporary re-assignment of the RCO.
2. RCO codes. The appropriate RCO code is assigned to every designated RCO, whether new, permanent or temporary. The request goes to the Chief, Collection Programs Division using the revised request form (Annex A) under RMO No. 4-2007, which is also used for updates, changes or cancellations.
3. Fidelity bond amount. RCOs who handle internal revenue taxes, including remittance to the Authorized Government Depository Bank (AGDB), get a fidelity bond of not more than ONE HUNDRED MILLION PESOS (P100,000,000.00) under Treasury Circular No. 02-2009. The amount follows the schedule in No. 1.III. Policies and Guidelines of RMO No. 21-2014.
4. Taxes above the bond amount. If an RCO holds taxes exceeding the bond amount before depositing with the AGDB, a written application to increase the bond is filed with the BTr within twenty four (24) hours after the deposit date. Existing Treasury Circulars govern initial bonds, renewal, increase, decrease, cancellation, premiums and enforcement.
5. Monitoring. The AHRMD of each Revenue Region, with the Finance Division, monitors the RCOs’ fidelity bonds. The Chief, Finance Division sends the Cash Receipts Record for Monday to Friday to the Chief, AHRMD on the Monday of the following week.

Who is affected

• Revenue Collection Officers
• Special Collecting Officers
• Non-collection Revenue Officers of the RDO

Deadlines and effectivity

• Bond increase application: within twenty four (24) hours after the deposit date
• Cash Receipts Record transmittal: Monday of the following week

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