CM 108 - PAYMENT THROUGH THE BSP CHECKLESS PAYMENT SYSTEM

The BSP is allowed to pay all its internal revenue taxes by directly crediting the account of the Treasurer of the Philippines (TOP) in a scheme of payment referred to as the BSP Checkless Payment System.[1] Under the scheme, the BSP is still required to file with the RDO having jurisdiction over the transaction the corresponding tax returns/forms/declarations, together with the direct credit advice issued by the BSP to the BTr which shall serve as proof of tax payment.

[1] RMC No. 31-2004.