Will you ask your Senators or Congressman to Help yOU? Tax Accounting Guru

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EmelinoTMaestro read your proposal to open up the so secretive bank deposits and transactions of taxpayers with their respective banks. For the record, it is commendable and timely. Our group of Tax Accounting Bookkeepers truly support your action.

Pending the approval of your proposal by the Congressmen, Senators and the Philippine President, may we invite your attention to Revenue Regulations No. 9-2000 in which your Honourable Office required the bank-lender to collect from taxpayer-borrow the documentary stamp tax and remit the same to the BIR. The bank is prohibited to report to you who is its borrower and the basis of granting the loan and the collateral used by the borrower in securing the said loan. The bank’s report is lump-summed or all documentary stamp taxes paid by various taxpayer-borrowers were included in one account and no distinction is made to whom the documentary stamp tax came from. This idea of having the bank to be the withholding agent of the documentary stamp tax is really a good idea but, in line with our national policy that is to increase the tax-base and collection of taxes, it should be revisited. This doesn’t need the consent of the legislative branch of our government.

It is suggested that instead of the bank shall be responsible and accountable for all the documentary stamp taxes of their respective taxpayer-borrowers, it must be the taxpayer-borrow who shall be held responsible and accountable in preparing the required/revised documentary stamp tax return and the payment of the corresponding tax thereon. No bank loan shall be released without the duly signed and filed documentary stamp tax return attached to the loan agreement as a prerequisite document. Prior to this, the documentary stamp tax return should be revised to cover the amount and purposes of the loan and the specific details of the collateral used. In this view, it would be easy for the revenue officers assigned to use the networth method of audit in determining the capacity to pay taxes by a given taxpayer.

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