REVENUE MEMORANDUM CIRCULAR NO. 16-2004 issued on March 10, 2004 publishes the full text of Bank Bulletin No. 2003-11 relative to internal revenue tax payment through Tax Debit Memo.

    The Department of Finance-Tax Debit Memo (DOF-TDM) and/or the original copy of the Tax Credit Certificate (TCC) are not acceptable modes of payment of internal revenue taxes pursuant to the provisions of Revenue Regulations No. 16-2002.

    For a DOF-TDM and a TCC to be an acceptable mode of payment under the abovementioned RR, the same must first be converted into a BIR TDM. A BIR TDM is a BIR Form No. 2311 revised in November 1996. To be validly issued, the same shall be signed by the Regional Director – Revenue Region No. 8 – Makati for those issued by the Makati Revenue District Offices, by the Head Revenue Executive Assistants of the Large Taxpayers Service for Excise and Regular Large Taxpayers and by the Chief, Large Taxpayers District Office (LTDO) Makati for large taxpayers under the jurisdiction of LTDO-Makati and by the Assistant Commissioner – Collection Service for all other TCCs.

    TDMs are not acceptable as payment of internal revenue tax liabilities for transactions specified in the Circular.