[ BSP MEMORANDUM NO. M-2012-010 (CORRECTED COPY), February 17, 2012 ]

COLLECTION OF THE ANNUAL SUPERVISORY FEES FOR THE YEAR 2012



Adopted: 17 February 2012
Date Filed: 29 March 2012

Pursuant to Sections X901 (2008 - X608.1) and 4901.1Q (2008 - 4652Q) of the Manual of Regulations for Banks (MORB) and the Manual of Regulations for Non-Bank Financial Institutions (MORBNFI), respectively, as amended, the following guidelines shall govern the collection by the Bangko Sentral ng Pilipinas (BSP) and the payment by Banks and NBQBs of the 2012 ASF.

  1. Assessment Rate for 2012

    The applicable assessment rates approved by the Monetary Board are as follows:
    2.  
    Type of Financial Institution
    		Applicable Rate
       
    Universal/Commercial Banks 1/32 of 1%
    Thrift Banks 1/32 of 1%
    Rural/Cooperative Banks 1/45 of 1%
    NBQBs 1/32 of 1%
  2. Notification of Amount Due for 2011 and Mode of Payment

    The BSP Supervisory data Center (SDC) shall send a billing notice in march 2012 to the Bank/NBQB for its ASF payment indicating, among others, the computation of the ASF due, including the 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 Banks/NBQB ™s demand deposit Account (DDA) with the BSP.

    The BSP will not accept checks as mode of ASF payment. Banks/NBQBs, upon receipt of the ASF billing notice from the BSP, 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 Sections X901 (2008 - X608.1) and 4901.1Q (2008 - 4652Q) of the MORB and MORNBFI, respectively, as amended, shall apply.

  3. Exceptions Noted on Billing Notice of 2012 ASF

    Upon receipt of the BSP notice of ASF billing, a Bank/NBQB 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
    16th Floor, Multi-Storey Building
    BSP Complex, A. Mabinit Street
    Malate, Manila 1004

    Any exceptions received after the cut-off date or any exceptions 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.

  4. Withholding Tax on 2012 Supervisory Fees

    The following shall apply to Banks/NBQBs covered by Sections M and N of BIR Revenue Regulations (R.R.) No. 2098 as amended by R.R. No. 17-2003:

    4.1
    Within ten (10) days from date of this Memorandum, the Bank/NBQB shall submit to the BSP (at the address indicated in Item 2 hereof) a certified true copy of the BIR Notice classifying it as among the institutions covered under Section M of R.R. No. 2098 as amended by R.R. No. 17-2003. Such BIR notice received by the BSP after said cut-off of ten (10) days will be considered in the ASF computation of the next year. The submission of such BIR notice will no longer be necessary if previously transmitted and received by the BSP in compliance with Section 3.1 of the BSP Memorandum Nos. M-2009-046 dated 17 November 2009, M-2010-013 dated 31 May 2010 and M-2011-029 dated 26 May 2011.

    4.2
    The ASF, net of the 2% Creditable Withholding Tax (CWT), shall be debited from the DDA on the specified date referred to in the notice of ASF billing under item 1.

    4.3
    The following timelines shall be observed on the submission of annual withholding tax documents to BSP at the address indicated in item 2 hereof:
       

    Tax Documents
    Due Date
    1.
    Original copy of BIR Form No. 237 - Certificate of Creditable Tax Withheld at Source
    On or before 31 December 2012
    2.
    Original Duplicate Copy of BIR Form No. 1601E - Monthly Remittance of Creditable Income Taxes Withheld (Expanded), duly received by BIR, if manually filed, or duly supported with BIR confirmation notice/advice, if electrinically filed.
    On or before 31 December 2012
    3.
    Certified true copy of BIR official receipt/payment confirmation receipt
    On or before 31 December 2012
       
    4.4
    Considering that the withholding tax documents enumerated in item 3.1 will be used to avail the tax credits for filing the annual income tax return of the BSP, the failure to submit all of the enumerated documents within the stated deadline will compel the BSP to immediately debit an amount equivalent to the 2% CWT from the DDA of Banks/NBQBs concerned, with no obligation on the part of the BSP to reimburse said amount in case of late submission. In case of DDA deficiency, the provisions in Sections X901.1 (2008 - X608.1) and 4901Q.1 (2008 - 4652Q) of the MORB and MORNBFI, respectively, as amended, shall apply.

    4.5
    The above guidelines on the withholding tax shall be strictly enforced pending resolution of the tax treatment on the ASF being assessed by the BSP.

This Memorandum shall take effect immediately.


(SGD.) NESTOR A. ESPENILLA, JR.
Deputy Governor