RMC No. 46-2011 — Clarifies the definition of “Financial Institutions” as used in RR No. 4-2011 on the “Proper Allocation of Costs and Expenses Amongst Income Earnings of Banks and Other Financial Institutions for Income Tax Reporting Purposes” Digest | Full Text

REPUBLIC OF THE PHILIPPINES October 3, 2011 DEPARTMENT OF FINANCE BUREAU OF INTERNAL REVENUE REVENUE MEMORANDUM CIRCULAR NO. 46-2011 SUBJECT : Clarification on the Definition of "Financial Institutions" as used in Revenue Regulations (RR) No. 4-2011 on the "Proper Allocation of Costs and Expenses Amongst Income Earnings of Banks and Other Financial Institutions for Income Tax Reporting Purposes". TO : All Revenue Officials, Revenue Employees and Others Concerned For the information and guidance of all concerned, the definition of the term "Financial Institution" in RR No. 9-2004, is hereby provided to clearly identify institutions covered by the aforementioned regulations. The term "Financial Institution", as defined in RR No. 9-2004, is hereby adopted, to wit: "Financial Institution -- shall refer to banks, non-bank financial intermediaries performing quasi-banking functions, and other non-bank financial intermediaries including finance companies. This does not, however, include insurance companies." All internal revenue officers are hereby enjoined to give this Circular a wide publicity as possible. (Original Signed) KIM S. JACINTO-HENARES Commissioner of Internal Revenue K-