CREATE YOUR OWN BUNDLE OF TEMPLATES! CLICK HERE TO FIND OUT!

CM 109 - PAYMENT THROUGH BUREAU OF THE TREASURY (BTr) DIRECT CREDITING

This scheme of payment allows the Bureau of the Treasury to directly credit the account of the Treasurer of the Philippines (TOP) in payment of certain tax liabilities such as the taxes withheld by the BTr on government securities issued, and tax obligations of certain government agencies such as the National Irrigation Administration (NIA) pursuant to agreements that guarantee the payment of the tax obligations of the concerned agency.[1]

 

[1] In the case of the NIA, its obligations (including tax liabilities) under the Project Agreement with the CE-Casecnan Agreement are guaranteed by the full faith and credit of the ROP in the “Performance Undertaking” of the Agreement. The CE Casecnan Water and Energy Company, Inc. or “CE Casecnan” is a privately held Philippine corporation that has a contract with the Republic of the Philippines (“ROP”), through the National Irrigation Administration (“NIA”), for the development and construction of a hydroelectric power plant and related facilities under a build-own-operate-transfer agreement and with obligation to generate electricity and deliver water covering a 20-year cooperation period.