July 28, 2014

BSP MEMORANDUM NO. M-2014-029: Withholding of Percentage Tax – Gross Receipt Tax (GRT)

To: ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS WITH QUASI-BANKING FUNCTIONS Subject: Withholding of Percentage Tax – Gross Receipt Tax Under Revenue Regulations No. 02-98, the Bangko Sentral ng Pilipinas (BSP) is required to deduct and withhold the percentage taxes, GRT due from its payments to all banks and non-bank financial institutions with quasi-banking functions, to …

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PDIC signs cross-border partnership deal with Korean counterpart

THE Philippine Deposit Insurance Corporation (PDIC) and the Korea Deposit Insurance Corporation (KDIC) signed a memorandum of understanding (MOU) to foster cross-border cooperation between the two deposit insurance agencies. The MOU was signed by PDIC President Valentin A. Araneta and KDIC Chairman and President Joo Hyun Kim on July 23 at the Peninsula Manila in …

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BSP Circular Letter No. CL-2014-044: Updated Validation Rules of the BSP for the Financial Reporting Package

In an effort to further assist banks in finalizing the Financial Reporting Package (FRP), attached are the updated validation rules used by the BSP to check and determine whether the entries in the FRP are either balanced and reconciled or cited with mathematical defects requiring correction and the submission of amendments that are subject to …

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