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CM 103.2 - PAYMENT THROUGH eFTIS - COLLECTION REPORTING

The process of reporting collections of payments through the eFTIS starts with the electronic transmission by the BSP of the BANKS’ tax payments data to the RAD and the ISOS-DC. Encoding of pertinent tax payment data is done by the LTADPQAD via the LBDES facility based on the collection data transmitted by the BSP and the printed copies of the efiled tax returns/forms/declarations received from taxpayers. The analysis, validation and preparation of the collection report is likewise done by the LTDPQAD. The collections through the eFTIS are integrated with other tax collections in the consolidated monthly statistical report of revenue collections.

The BSP shall:

  1. Prepare the daily BSP List of Remittances (Annex 100-1.14) containing information on the tax payments by the BANKS whose respective demand deposit accounts with the BSP were debited; and
  2. Transmit electronically to the RAD and ISOS-DC all the tax payment data that have been cleared and debited against the BANKS’s demand deposit account.

The ISOS-DC shall:

  1. Receive from the BSP thru electronic mail the participating BANK’s tax payment data and forward the same electronically to LTDPQAD;
  2. Upload the payment data to the CBR-ITS;
  3. Generate and submit the collection report to the LTS every 10th day of the following month; and
  4. Forward the collection report to the LTDPQAD/LTDO for necessary analysis and validation.

The LTSPQAD shall:

  1. Receive from ISOS-DC through electronic mail the participating BANK’s tax payment data;
  2. Receive the tax returns/forms/declarations and attachments, as well as the summary of liabilities of each of the branches of the BANKS;
  3. Encode the payment data based on the tax returns/forms/declarations filed by the bank for management information system (MIS) purposes using EXCEL template;
  4. Compare/analyze and reconcile tax payment data received from the BSP thru ISOS-DC with the information in the LTS-MIS collection report. Coordinate with the concerned BANK on noted discrepancy, if any; and
  5. Prepare the collection report and submit to the LTS, copy furnished the concerned RDOs having jurisdiction over the BANK-HO.

The LTDPQAD, in the preparation of the monthly collection report, shall:

  1. Receive the system-generated collection report from ISOS-DC not later than the 10th day of the following month;
  2. Validate accuracy of the collection data pertaining to payments through the eFTIS. In case of any discrepancy noted, request for data-fix in order to effect adjustments thereon, if necessary; and
  3. Submit to the Statistics Division, thru the LTS the validated BIR Form No. 12.09 which includes the validated collections through eFTIS not later than the 15th day of the following month.