Tax Notes: Liability of AABs for tax payments

TO ease the burden of taxpayers in the payment of internal revenue taxes, the Bureau of Internal Revenue (BIR) previously issued Revenue Regulation (RR) No. 3–2016, which allows the settlement of taxes through credit, debit or prepaid cards.

On Feb. 8, the BIR issued RR No. 2–2017 emphasizing that the authorized agent bank (AAB) serves as the trustee of the BIR with the obligation to remit the taxes on time. Late or non-remittance of taxes to the BIR will render the AAB liable for the full amount.

Nevertheless, the date of payment of taxes will still be based on the date and time appearing on the system-generated payment confirmation receipt.

This issuance takes effect immediately. Source: P&A Grant Thornton
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