Appendix 91

(Appendix to Sec. 1101)

The following guidelines shall govern the collection by the Bangko Sentral and the payment by banks of the Annual Supervisory Fees (ASF).

1. Notification of amount due for ASF and mode of payment. The Bangko Sentral Supervisory Data Center (SDC) shall send a billing notice to the bank for its ASF payment indicating, among others, the computation of the ASF due, including the two percent (2%) creditable withholding tax (CWT) thereon, if applicable, the period covered by the ASF and the specific date when the ASF will be debited from the bank’s demand deposit account (DDA) with the Bangko Sentral.

The Bangko Sentral will not accept checks as mode of ASF payment. Banks, upon receipt of the ASF billing notice from the Bangko Sentral, should maintain adequate balance in their DDA to cover the ASF and other daily obligations and, when necessary, make corresponding deposits to fully cover said obligations. In case of deficiency, the provisions on DDA deficiency in Sec. 1101 shall apply.

2. Exceptions noted on billing notice of ASF. Upon receipt of the Bangko Sentral Notice of ASF billing, a bank is encouraged to check the accuracy of the billing and to submit any of the noted exceptions therein not later than ten (10) days before the specified date of collection/debit to DDA as indicated in the billing notice. The said exceptions, together with supporting documents, shall be submitted to:

The Director
Supervisory Data Center (SDC)
Bangko Sentral Ng Pilipinas
11th Floor, Multi-Storey Building
BSP Complex, A. Mabini Street
Malate, Manila 1004

Any exceptions received after the cut-off date or any exception not duly substantiated with documents before the cut-off date will be evaluated and considered in the computation of the ASF for the immediate succeeding year.

3. Withholding tax on supervisory fees. The following shall apply to banks covered by Sections M and N of BIR Revenue Regulations (R.R.) No. 2-98 as amended by R.R. No. 17-2003 and R.R. No. 2-2006:

a. Within seven (7) days from specified date, the bank shall submit a written representation to the Bangko Sentral (at the address indicated in Item “2” hereof), on whether or not it is included among the institutions covered under Sections M or N of R.R. No. 2-98, as amended. If available, a certified true copy of the BIR Notice classifying it under Section M of R.R. No. 2-98, as amended, shall be attached to the written representation. The submission of the written representation or BIR Notice shall no longer be necessary if previously transmitted and received by the Bangko Sentral in connection with previous ASF assessments.

b. The ASF, net of the two percent (2%) CWT, shall be debited from their respective DDAs on the specified date referred to in the notice of ASF billing under Item “1”.

c. Three (3) original signed copies of the BIR Form No. 2307 Certificate of Creditable Tax Withheld at Source which exclusively pertain to the withholding on ASF shall be submitted to the SDC at the address provided in Item “2” above on specified date. The BIR Form No. 2307 shall accurately indicate, among others, the following details:

(1) Payee: Bangko Sentral ng Pilipinas

(2) Tax Identification Number: 000-354-790-000

(3) Address: A. Mabini St. corner P. Ocampo Sr. St., Malate, Manila

(4) Zip Code: 1004

(5) The BIR-registered name of the payor- bank, as exactly indicated in the BIR Certificate of Registration (BIR Form No. 2303) of the Bank.

(6) the amount of income payment pertaining to the gross ASF

(7) the tax withheld

(8) the period of tax return.

Furthermore, the BIR Form No. 2307 – Certificate of Creditable Tax Withheld at Source covering the withholding on ASF should not include other transactions with Bangko Sentral and should pertain exclusively to the ASF. If the concerned bank has other transactions with Bangko Sentral, a separate BIR Form 2307 for the transaction/s shall be provided to Bangko Sentral.

d. In case of failure of concerned bank to submit the duly accomplished forms within the deadline stated above or if such forms contain errors and discrepancies that would render the BIR Form No. 2307 invalid for claiming tax credits, the Bangko Sentral shall be constrained to immediately debit an amount equivalent to the two percent (2%) CWT from the DDA of banks concerned, with no obligation on the part of the Bangko Sentral to reimburse said amount in case of late submission. In case of DDA deficiency, the provisions in Sec. 1101 shall apply.

(Circular No. 903 dated 29 February 2016, M-2016-001 dated 24 February 2016, 890 dated 02 November 2015, M-2015-022 dated 06 May 2015, and M-2014-014 dated 20 March 2014)