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  • BSP m002

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    Raine Buenaventura-Eleazar
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    The memorandum informs all authorized agent banks that they must discontinue withholding the 2% tax on service fees from bank deposit transactions with the Cash Department of Bangko Sentral ng Pilipinas, as the bank is now exempt from taxes on income from its governmental functions. The Cash Department will now collect 100% of the service fees through the demand deposit accounts of the authorized agent banks. The memorandum requests immediate appropriate action from the authorized agent banks on this change regarding tax withholding on service fees.

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    BSP, Banking

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    The memorandum informs all authorized agent banks that they must discontinue withholding the 2% tax on service fees from bank deposit transactions with the Cash Department of Bangko Sentral ng Pilipinas, as the bank is now exempt from taxes on income from its governmental functions. The Cash Department will now collect 100% of the service fees through the demand deposit accounts of the authorized agent banks. The memorandum requests immediate appropriate action from the authorized agent banks on this change regarding tax withholding on service fees.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    6 views1 page

    BSP m002

    Uploaded by

    Raine Buenaventura-Eleazar
    The memorandum informs all authorized agent banks that they must discontinue withholding the 2% tax on service fees from bank deposit transactions with the Cash Department of Bangko Sentral ng Pilipinas, as the bank is now exempt from taxes on income from its governmental functions. The Cash Department will now collect 100% of the service fees through the demand deposit accounts of the authorized agent banks. The memorandum requests immediate appropriate action from the authorized agent banks on this change regarding tax withholding on service fees.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

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    - It_| BanGKo serurRll. NG PILIPINAS
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    METRO MANILA CURRENCY OPERATIONS SUB.SECTOR

    MEMORAN DUM NO. M-2020-942

    To AtL AUTHORIZED AGENT BANKS

    Subject Withholding of Taxes on Income Payments to the Bangko Sentral


    ng Pilipinas (BSP)

    Subject to the issuance of a Revenue Memorandum Circular (RMC) by the Bureau


    of Internal Revenue (BlR) on the details of the implementation of the tax exemption of
    the BSP on all income derived from its governmental functions under the Amended BSP
    Charter (RA No. LL?LL\, allAuthorized Agent Banks (AABs) shall discontinue withholding
    the two (2) percent tax on service fees arising from bank deposit transactions with the
    Cash Department (CD).

    Accordingly, CD shall collect 100 percent of the service fees through the Demand
    Deposit Accounts (DDAs) of AABs.

    For the immediate appropriate action of the AABs.

    *urfuou^
    Director
    Cash Deoartment
    48 J.nrrrv2o2o

    VIRA E. DITCHING.LORICO
    Managing Director

    Or.rorA(h&t- hotZg- *

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