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LETTER OF INSTRUCTIONS
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LETTER OF INSTRUCTIONS NO. 497 |
Department of Finance
Governor Gregorio S. Licaros
Central Bank of the Philippines
SUBJECT : Authorizing the Central Bank, the Department of Finance and the Bureau of Internal
Revenue to Make the Necessary Changes in the Present System of Effecting Tax
Payment Through Banks and Expand the Same as may be Warranted and Providing for
the Reimbursement to the Central Bank of Expenses Incurred by it in its Tax Collection
Assistance
WHEREAS, the Central Bank of the Philippines was directed, under Executive Orders Nos. 2, 206, 339, and 425, dated January 5, 1966, January 9, 1970, September 9, 1971, February 16, 1974, respectively, Republic Act No. 6125 and Presidential Decree No. 230, to collect for the government various types of taxes, duties, levies and revenues by using the facilities of the banking system;
WHEREAS, experience has sown that the use of the facilities of the banking system is very effective in the government's collection efforts;
WHEREAS, the Central Bank's expenses in its assistance to the government's tax collection efforts should appropriately be passed on to the National Government;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and direct:
1.
That all expenses of the Central Bank of the
Philippines in connection with its tax collection activities in
assistance to the National Government, in the implementation of
Republic Act No. 6125, Presidential Decree No. 230, Executive Order No.
2, dated January 5, 1966, Executive Order No. 206, dated January 9,
1970, Executive Order No. 339, dated September 9, 1971, Executive Order
No. 425, dated February 16, 1974, and such other laws, Presidential
orders, and directives as may hereafter be promulgated requiring the
participation of the Central Bank in a tax or revenue collection
program, shall be booked as Central Bank accounts receivable from the
National Government;
2. That the
Central Bank and the Bureau of Internal
Revenue are hereby authorized to make necessary changes in the present
system of affecting tax payment through banks and expand the same as
may be warranted;
3. That the
Secretary of Finance is hereby authorized
to set up within the Department of Finance, the Bureau of Internal
Revenue and the Bureau of Customs, the necessary counterpart office
units, personnel complement and facilities to assist in the
implementation of the aforementioned collection system and to authorize
the Central Bank to advance the additional expenses incurred in
connection therewith, which shall likewise be treated as Central Bank
accounts receivable from the National Government; and
4. That the
necessary funds for the liquidation of
the said Central Bank accounts receivable from the National Government
shall be drawn by the Central Bank from its profits under Sec. 41 of
the Central Bank Charter.
DONE in the City of Manila, this 21st day of January, in the year of Our Lord, nineteen hundred and seventy-seven.
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