(NAR) VOL. 23 NO. 1, JANUARY - MARCH 2012
Type of Financial Institution Applicable Rate Universal/Commercial Banks 1/32 of 1% Thrift Banks 1/32 of 1% Rural/Cooperative Banks 1/45 of 1% NBQBs 1/32 of 1%
The Director
Supervisory data Center (SdC)
Bangko Sentral ng Pilipinas
16th Floor, Multi-Storey Building
BSP Complex, A. Mabinit Street
Malate, Manila 1004
4.1 | Within ten (10) days from date of this Memorandum, the Bank/NBQB shall submit to the BSP (at the address indicated in Item 2 hereof) a certified true copy of the BIR Notice classifying it as among the institutions covered under Section M of R.R. No. 2098 as amended by R.R. No. 17-2003. Such BIR notice received by the BSP after said cut-off of ten (10) days will be considered in the ASF computation of the next year. The submission of such BIR notice will no longer be necessary if previously transmitted and received by the BSP in compliance with Section 3.1 of the BSP Memorandum Nos. M-2009-046 dated 17 November 2009, M-2010-013 dated 31 May 2010 and M-2011-029 dated 26 May 2011. | ||||||||||||||
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4.2 | The ASF, net of the 2% Creditable Withholding Tax (CWT), shall be debited from the DDA on the specified date referred to in the notice of ASF billing under item 1. | ||||||||||||||
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4.3 | The following timelines shall be observed on the submission of annual withholding tax documents to BSP at the address indicated in item 2 hereof: | ||||||||||||||
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4.4 | Considering that the withholding tax documents enumerated in item 3.1 will be used to avail the tax credits for filing the annual income tax return of the BSP, the failure to submit all of the enumerated documents within the stated deadline will compel the BSP to immediately debit an amount equivalent to the 2% CWT from the DDA of Banks/NBQBs concerned, with no obligation on the part of the BSP to reimburse said amount in case of late submission. In case of DDA deficiency, the provisions in Sections X901.1 (2008 – X608.1) and 4901Q.1 (2008 – 4652Q) of the MORB and MORNBFI, respectively, as amended, shall apply. | ||||||||||||||
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4.5 | The above guidelines on the withholding tax shall be strictly enforced pending resolution of the tax treatment on the ASF being assessed by the BSP. |