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Implementation of Republic Act No. 9238 – the T Reversion from VAT System of Taxation to GRT |
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DEPARTMENT OF FINANCE BANK BULLETIN NO. 2004-01 TO : ALL BANKS AND NON-BANK FINANCIAL INTERMEDIARIES FROM : The Commissioner of Internal Revenue SUBJECT : Implementation of Republic Act No. 9238 – the T Reversion from VAT System of Taxation to GRT DATE : February 10, 2004 In relation to Republic Act No. 9238 which is yet to be published, all banks and non-bank financial intermediaries are hereby advised as to the following: 1. The reversion to the Gross Receipt Tax system retroactive to 1 January 2004 shall only become effective upon publication of the Act in a newspaper of general circulation as required by law. For the meantime, banks and non-bank financial intermediaries which may be affected by the provisions of Republic Act No. 9238 shall continue to be liable under the value added tax system of taxation, specifically for transactions entered into prior to the publication of the said law. 2. Until further advice, banks and non-bank financial intermediaries shall file and pay value added tax on February 20/25 for their January transactions. Furthermore, current bank and non-bank financial intermediary transactions shall remain under the VAT system until the publication of the law. 3. Upon publication of Republic Act No. 9238, the Bureau shall come up with an issuance to deal with the reconciliation to be made resulting from the reversion to the gross receipt taxation system. Please be guided accordingly. (Original Signed) GUILLERMO L. PARAYNO, JR. Commissioner of Internal Revenue home |
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