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(NAR) VOL. 6 NO. 1 / JANUARY - MARCH 1995
[ BIR REGULATIONS NO. 15-94, August 08, 1994 ]
FURTHER AMENDMENT OF THE PENALTIES STIPULATED IN THE AGREEMENT PRESCRIBED IN REVENUE REGULATIONS NOS. 5-84 AND 1-85
Paragraphs 6 and 14a of the banks' obligation in the Agreement prescribed in Revenue Regulations Nos. 5-84 and 1-85 which took effect on May 29, 1984 is hereby amended to read as follows:
(6) Pay the following penalties:
| a) | on late remittances of collections, a 20% per annum surcharge plus ¼ of 1% interest per day thereon but shall not be less than the prevailing interbank borrowing rate plus 5% until the total amount and increments are fully paid. |
| b) | on late submission of required collection reports - a P200.00 fine for every day of delay in the submission of each required report but not to exceed twenty five percent (25%) of the tax collected. |
| c) | on the submission of incomplete and/or inaccurate - a P200.00 fine for every incomplete and/or inaccurate collection report submitted but exceeding twenty five percent (25%) of the tax collected. |
| d) | on acceptance of the following checks: |
1) accomodation check
2) post-dated check
3) stale check
4) unsigned check
5) out-of-town check
- a P1,000.00 fine per check received
(14) To protect the interest of the government, the Bank hereby authorizes:
a) The BSP thru its Accounting Department, to debit its demand deposit accounts corresponding to the total daily collections due for remittance on the 6th calendar day after the date of collections such amount to be credited by BSP to the "Special Account-BIR Collection" of the Treasurer of the Philippines.
This Amendment shall take effect immediately.
Adopted: 08 August 1994
(SGD.) ROBERTO F. DE OCAMPO
Secretary of Finance
Recommending Approval:
(SGD.) LIWAYWAY VINZONS-CHATO
Commissioner