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Clarification on the Definition of “Financial Institution"REVENUE MEMORANDUM CIRCULAR RMC NO. 46-2011


SUBJECT : Clarification on the Definition of Financial Institutions as used in Revenue Regulations (RR) No. 4-2011 on the Proper Allocation of Costs and Expenses Amongst Income Earnings of Banks and Other Financial Institutions for Income Tax Reporting Purposes.

TO : All Revenue Officials, Revenue Employees and Others Concerned

For the information and guidance of all concerned, the definition of the term Financial Institution in RR No. 9-2004, is hereby provided to clearly identify institutions covered by the aforementioned regulations.

The term Financial Institution, as defined in RR No. 9-2004, is hereby adopted, to wit:

Financial Institution - shall refer to banks, non-bank financial intermediaries performing quasi-banking functions, and other non-bank financial intermediaries including finance companies. This does not, however, include insurance companies.

All internal revenue officers are hereby enjoined to give this Circular a wide publicity as possible.


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