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CM 103.1 - PAYMENT THROUGH eFTIS - REMITTANCE

Payments made by the BANKS of its own tax liabilities under eFTIS are transmitted electronically to the BSP and credited by the BSP to the BTr account for recording in the BTr’s books of accounts. Such collections are subsequently recorded by the BIR-RAD in the eNGAS.

The BANK shall:

  1. Encode data on its own tax liabilities in the eFTIS; and
  2. Transmit the data electronically to the BSP.

The BSP shall:

  1. Receive the electronically transmitted participating BANK’s own tax payments;
  2. Check the amount of the participating BANK’s own tax payments against the available balance of its demand deposit account ledger maintained by the BSP. IF the fund is insufficient, inform the BANK immediately and require the BANK to fund the deficiency;
  3. Debit the BANK’s demand deposit account with the BSP corresponding to the indicated tax liabilities; and
  4. Credit the BTr account for the said tax payment.

The BTr shall:

  1. Receive the credit advice from the BSP;
  2. Prepare the JEV on the collections through eFTIS;
  3. Record the remittances in its books of accounts daily; and
  4. Provide the RAD with the copy of the JEV on collections thru eFTIS.

The RAD shall:

  1. Receive from BTr the JEV on collection thru eFTIS; and
  2. Prepare the BIR JEV and record the same in the eNGAS.