REVENUE MEMORANDUM CIRCULAR NO. 31-2004 issued on June 3, 2004 informs all internal revenue officials, employees and others concerned that the Bangko Sentral ng Pilipinas (BSP) is currently implementing its Checkless Payment System, and that it is allowed to pay all its internal revenue taxes nationwide by directly crediting the account of the Treasurer of the Philippines.
     In relation thereto, the BSP shall file their tax returns together with the attached Direct Credit Advice, as proof of payment, to the Revenue District Offices having jurisdiction over the transaction / collection. The BSP will also provide the Bureau’s Collection Service, Attention: Revenue Accounting Division, with a Monthly Salary Listing of all direct credit advice issued in payment of their internal revenue taxes for monitoring and reconciliation purposes.