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.
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[1] RMC No. 31-2004.
