RMO No. 42-2011: Amends certain provisions of RMO Nos. 11-2008 and 30-2001, which prescribes the criteria to comply with and the required documents to be submitted by the banks applying to be a BIR Authorized Agent Bank

Summary

RMO No. 42-2011 amends certain provisions of RMO Nos. 11-2008 and 30-2001, which set the criteria and documents for banks applying to be a BIR Authorized Agent Bank (AAB).

Key points

1. Change to RMO No. 11-2008. Item II.A on criteria for accreditation or re-accreditation is amended. A bank must have no past due obligations with BSP, and its operations must comply substantially with BSP rules and regulations.
2. EFPS-AAB criterion. A bank that wants to be an EFPS-AAB must also be able to provide an electronic banking facility to its clients, as certified by the BSP.
3. Change to RMO No. 30-2001. Item III.A of RMO No. 30-2001 on AAB accreditation procedures is also amended as specified in the Order.

Who is affected

• Banks applying to be BIR Authorized Agent Banks

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