Banks required to submit tax returns

BANKS and non-banks performing quasi-banking functions must submit proof of their remittance of taxes paid on the interest income derived from their deposits with the Bangko Sentral ng Pilipinas (BSP).

Memorandum No. M-2013, issued by the BSP’s supervision and examination sector last July 1, said these entities must submit to the central bank documents on their remittance to the Bureau of Internal Revenue (BIR) of gross receipts taxes paid on interest income received from the central bank.

The issuance said these documents may be in the form of “tax returns and breakdown/schedules,” among others, providing proof that the institutions concerned have settled the tax liabilities due on income derived from interest payments by the central bank on their respective placements.

The BSP required the entities to submit proofs of remittance of taxes due from interest income received during the calendar or fiscal years 2009 to 2013.

Documents covering interest income gained in year 2009 must be submitted to the central bank on or before July 22, the issuance said. The schedules for income received during the other covered years are as follows: by October 31 for 2010; by Dec. 31 for 2011; by March 31, 2014 for 2012; and by June 30, 2014 for 2013. -- Bettina Faye V. Roc

source:  Businessworld