REVENUE MEMORANDUM CIRCULAR NO. 70-2020 issued on July 17, 2020 amends Revenue Memorandum Circular (RMC) No. 36-2020 relative to the removal of requirement for submission of photocopies of documents evidencing credit extensions and credit restructurings granted by covered institutions during the enhanced community quarantine (ECQ).
Part C of RMC No. 36-2020 shall now read as follows:
“C. REPORTORIAL REQUIREMENTS Covered institutions, including but not limited to banks, quasi-banks, financing companies, lending companies, and other financial institutions, public and private, including the Government Service Insurance System, Social Security System and PagIBIG Fund, shall submit, in hard and soft copy, a summary listing of all pre-existing loans, pledges and other instruments as of March 17, 2020 (commencement date of ECQ) which were granted extension of payment and/or maturity periods based on the following format:
Name of Taxpayer
Summary Listing of Pre-Existing Loans, Pledges and Other Instruments with Granted Extension of Payment and/or Maturity Periods as of March 17, 2020
|Type of Instrument||Date of Loan Agreement/ Promissory Note, Pledges, etc.||Document Reference Number (Account ID/ Reference ID, as applicable)||Original Payment Deadline Maturity Period||Extended Payment Deadline/ Maturity Period||Amount of Loan/Pledge|
The above-mentioned summary listing shall be submitted to the Revenue District Office/Large Taxpayers Service/Large Taxpayers District Office where the taxpayer is registered within sixty (60) days from the lifting of the ECQ. The hard copy of the above summary listing shall be made under oath as to the completeness, truth and accuracy thereof by a duly authorized officer or representative of the taxpayer, and subject to post audit/verification by the BIR whether the summary list pertains to qualified loans only.”