CM 108.1 - PAYMENT THROUGH THE BSP CHECKLESS PAYMENT SYSTEM - REMITTANCE
The remittance process consists of the issuance of direct credit advice to the BTr in payment of internal revenue taxes of the BSP; validation of collections and recording of collections in the BTr books of accounts; and the subsequent recording of collections by the BIR-RAD in the eNGAS.
The BSP shall:
- Issue the direct credit advice (Annex 100-1.18) to the BTr, copy furnished the RAD; and
- Prepare and submit to RAD and BTr the monthly BSP bank statement on the TOP demand deposit account with BSP together with the direct credit advice.
The BTr shall:
- Receive the direct credit advice and the monthly BSP bank statement on TOP demand deposit account from the BSP;
- Validate the posting of the direct credit advice in the BSP bank statement. Coordinate with the BSP to make the necessary adjustments if the same are not posted;
- Prepare the BTr JEV on collections from BSP checkless payment; and
- Record the collections in the BTr books of account and transmit the copy of BTr JEV to RAD.
The RAD shall:
- Receive the credit advice and the monthly BSP bank statement on TOP demand deposit account from the BSP;
- Receive the BTr JEV on BSP checkless payment;
- Validate the credit advice and the bank statement from the BSP with the BTr JEV. Call-up BTr to coordinate with BSP, in case of discrepancy;
- Prepare the BIR JEV taking up collections from BSP checkless payment; and
- Record the collections/remittances in the eNGAS.