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(NAR) VOL. 20 NO.2 / APRIL - JUNE 2009
[ BSP CIRCULAR NO. 647, S. 2009, March 03, 2009 ]
AMENDMENT TO CIRCULAR NO. 619, DATED 22 AUGUST 2008, ON THE 20% FINAL WITHHOLDING TAX ON OVERNIGHT REVERSE REPURCHASE TRANSACTIONS WITH THE BSP
“2) With respect to the overnight RRPs from January 1, 2008 to August 22, 2008[1], the concerned banks/quasi-banks shall reimburse the BSP the amount equivalent to 40% of the 20% FWT due thereon. However, banks/quasi-banks which choose to pay the whole 20% FWT shall remit the amount equivalent to the 60% balance thereof to the BIR, through the BSP as withholding agent. In both cases, payment of the FWT to the BSP shall be made on or before April 3, 2009, either in full or in three (3) installments; provided, that a bank/quasi-bank which intends to pay in installments shall remit the first payment on or before March 6, 2009, the second on or before March 20, 2009 and the last on or before April 3, 2009; provided, further, that payments due shall be deducted from the RDDA of concerned banks/quasi-banks. The BSP shall issue the certificate of final withholding tax reflecting the amount of the FWT paid.
“3) Concerned banks/quasi-banks shall issue the corresponding debit authority to the BSP to cover the 20% FWT on their overnight RRPs with the BSP as mentioned in Item 2 above.”
This Circular shall take effect immediately. It shall be published in a newspaper of general circulation.
Adopted: 3 March 2009
FOR THE MONETARY BOARD:
(SGD.) AMANDO M. TETANGCO, JR.
Governor
[1] Interest income payments from January 1, 2008 to August 26, 2008.