DEPARTMENT OF FINANCE Roxas Boulevard Corner Vito Cruz Street Manila 1004
FINANCE DEPT. ORDER NO.____
July 22, 1998
To
: Insurance Commissioner Eduardo Malinis Bureau of Internal Revenue Commissioner Beethoven L. Rualo
Subject
: Creation of an Inter-Agency Committee on Insurance Companies
I.
PURPOSE The Inter-Agency Committee is created to: 1. Oversee and monitor the implementation of the Memorandum of Agreement between the Insurance Commission (IC) and the Bureau of Internal Revenue (BIR) regarding the tax payments of insurance companies. 2. Recommend policies and procedures, as these become necessary in the monitoring of the tax payments of insurance companies.
II.
STATEMENT OF POLICIES To simplify and strengthen the monitoring of tax payments due from the insurance companies, the Inter-Agency Committee must ensure that: 1. Taxes due from all insurance companies are to be paid at an IC chosen bank; and, 2. Insurance companies, as large taxpayers, will no longer pay their tax liabilities directly to the Large Taxpayers' Division.
III.
STATEMENT OF RESPONSIBILITIES The IC shall: (1) Choose one bank to accept tax payments of all insurance companies to be located at or near the IC; (2) Require insurance companies to file and pay the premium tax, VAT on nonlife insurance companies (except for crop insurance), DST and income tax with the IC-chosen bank; (3) Require additional BIR data from IC chosen bank as the need arises; .(4) Require insurance companies to submit their annual statements and additional monthly and quarterly reports as will be prescribed by IC office in diskettes or
PHILIPPINES
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0 4) Receive the electronic data of payments from the IC chosen bank through the National Office Data Center; and, 5) Collect the hard copies of tax returns from IC on the fifth(5h) day following the last day these returns were transmitted to IC by IC chosen bank. IV.
Composition of Inter-Agency Committee Dept. of Finance(DOF): Technical Assistant - Office of the DOF Secretary Insurance Commission(IC): Technical Assistant - Office of the Insurance Commissioner - Examination, Division I Chief Chief - Examination Division II Chief - Financial Analysis Division - Budget and Management Division Chief BIR: Technical Assistant - Office of the Commissioner Technical Assistant - Deputy Commissioner for Operations Technical Assistant - Deputy Commissioner for Information Systems Asst. Commissioner - Collection Service Asst. Commissioner - Information Systems Operations Service Asst. Commissioner - Information Systems Development Service Asst. Commissioner - Information Planning & Quality Service - Legal Service Representative
This Order shall take effect immediately and all circulars, regulations and orders contrary to or inconsistent herewith are hereby revoked or modified accordingly. Strict compliance herewith is hereby ordered.
bank; and,. 2. Insurance companies ... This Order shall take effect immediately and all circulars, regulations and ... Strict compliance herewith is hereby ordered. ... DEPARTMENT ORDER NO. 54 .pdf. DEPARTMENT ORDER NO. 54 .pdf. Open.
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WHEREAS, the Bureau of the Treasury, an attached agency under the DOF, has the. mandate ... service public debt, both foreign and domestic. In view of the ... DEPARTMENT ORDER NO. 54.pdf. DEPARTMENT ORDER NO. 54.pdf. Open.
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DEPARTMENT OF FINANCE ... zones or areas and determine for internal revenue tax purposes, the fair market value of the real. properties ... Secretary of Finance ... DEPARTMENT ORDER NO. 54 .pdf. DEPARTMENT ORDER NO. 54 .pdf.
shall be used as basis for computing the internal revenue tax_. This Order shall take effect immediat. ROBMTO F- DE 'C. AMPO. Secretary of Finance. RECOMMENDED BY: LIWAYWAY VINZONS-CHATO. Commissioner of Internal Revenue. Page 1 of 1. DEPARTMENT ORDE
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DEPARTMENT OF FINANCE. Manila ... zones or areas and determine for internal revenue tax purposes, the fair market value of. the real ... Secretary of Finance ... DEPARTMENT ORDER NO. 54 .pdf. DEPARTMENT ORDER NO. 54 .pdf.
(Auditing) IV. Andrea Salvaleon Private Secretary III Adm. Assistant V ... Page 2 of 2. Ms. Corazon Gamallo, Office of the Secretary, and Mr. Roberto Millena are ... DEPARTMENT ORDER NO. 10 .pdf. DEPARTMENT ORDER NO. 10 .pdf. Open.
corresponding duties and taxes thereon have been paid. 3.2 Upon effectivity of ... necessary technical, operational and administrative. structures are in ... DEPARTMENT ORDER NO. 18 .pdf. DEPARTMENT ORDER NO. 18 .pdf. Open. Extract.
maximum tax ceilings imposable, determining the administrative and. statutory aids ... policies on promotions, transfers, details or secondment,. formulation and ... DEPARTMENT ORDER NO. 63.pdf. DEPARTMENT ORDER NO. 63.pdf. Open.
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administrative aids and other statutory contributions in the. adoption of the annual ... By authority of the Secretary: LORIND. Di. c a`. M. CARLOS. ptor ... DEPARTMENT ORDER NO. 63 .pdf. DEPARTMENT ORDER NO. 63 .pdf. Open. Extract.
