(c) When to File. The Return specified above shall be filed on or before
the fifteenth (15
) day of the fourth month following the close of the
Sec. 5. Revocation of Income Tax Exemption Privilege The BIR shall
revoke the income tax exemption privilege of a BMBE for any of the causes
set forth in Rule 2, Sec. 8 hereof. The BIR shall notify the BMBE in writing of
its findings and require it to pay the corresponding income tax, without prejudice
to the filing of administrative or criminal complaints if warranted.
The BIR shall notify the Office of the City or Municipal Treasurer concerned
of its action, whereupon the City or Municipal Treasurer shall make a
determination within fifteen days from receipt of the BIR's notice, whether the
BMBE's Certificate of Registration issued by the Treasurer must likewise be
Sec. 6. Applicability of Other Internal Revenue Taxes and Compliance
Requirements. A BMBE shall be subject to all other taxes and compliance
requirements prescribed under the National Internal Revenue Code (NIRC) of
1997, as amended, and its implementing rules and regulations. It shall also
update its registration information/status with the BIR in case it or any of its
affiliates transfers its principal place of business, any other offices, or branches.
GUIDELINES ON THE AVAILMENT OF EXEMPTION
FROM GROSS RECEIPTS TAX
Sec. 1. Exemption from Gross Receipts Tax - Interests, commissions
and discounts derived from the loans granted by the LBP, DBP, PCFC AND
SBGFC to duly-registered BMBEs, as well as loans extended by the GSIS
and SSS to their respective member-employees for the purpose of establishing
BMBEs, shall be exempt from gross receipts tax (GRT).
Sec. 2. Disqualification from GRT Exemption. In case the amount of loan
extended by the above-mentioned credit institution/s to a BMBE borrower
resulted to the BMBE's total assets exceeding the P3 million asset threshold,
the said institution/s is/are disqualified to enjoy exemption from GRT.
Sec. 3. Reportorial and Documentary Requirements To avail of the
exemption, certified copy of the BMBE's registration with the BIR as such
BMBE shall be submitted to the lending institution concerned. The BIR shall
also devise a reporting scheme to be followed by all concerned credit institutions
on all loan transactions with BMBEs for purposes of availing the GRT exemption
within thirty (30) days from the effectivity of this Order.