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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