8box Solutions Inc.

4_20230710_150500_0001

Contact Number: 09369340340
Email: sales@8box.solutions

REVENUE REGULATIONS NO. 11-2012 issued on August 17, 2012 amends certain provisions of RR No. 1-2011 dated February 24, 2011 relative to the documentation of remittances made by Overseas Contract Worker or Overseas Filipino Worker and other matters. The remittances of all Overseas Contract Workers (OCWs) or Overseas Filipino Workers (OFWs), upon showing of the Overseas Employment Certificate or valid Overseas Workers Welfare Administration (OWWA) Membership Certificate or electronic receipt issued by Philippine Overseas Employment Administration (POEA), by the OCW or OFW beneficiary or recipient shall be exempt from the payment of Documentary Stamp Tax. In case of OCWs or OFWs whose remittances are sent through the banking system, credited to beneficiaries or recipient’s account in the Philippines and withdrawn through an automatic teller machine, or sent through non-bank money transfer agents, it shall be the responsibility of the OCW or OFW to show the valid proof of entitlement when making arrangement for his/her remittance transfers. For monitoring purposes, local banks and non-bank money transfer agents are required to document remittances made by OCWs or OFWs following the format below: OFW Remittances for the First Quarter of 2012 (Exempt from DST imposed under Sec. 181 of the NIRC, as amended, per R.A. No. 10022) Name of OCW/OFW Sender Name of Recipient Amount (in Peso or Peso Equivalent) Proof of Entitlement to DST exemption (i.e., OEC, e-receipt, or OWWA Membership Certificate) Date of Transaction Remittance Date Encashment Date 1. Juan Dela Cruz Jane Dela Cruz 20,000 **** Feb 1, 2012 Feb 1, 2012 **** [Indicate Control Number provided by the POEA] The above information is required to be furnished to the Revenue District Office or Audit Division under the Large Taxpayers Service where the banks and non-bank money transfer agents are registered on a quarterly basis, to be submitted on or before the 20th day following the close of the quarter.