8box Solutions Inc.


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

REVENUE REGULATIONS NO. 4-2005 issued on February 17, 2005 prescribes the rules and regulations implementing Bangko Sentral ng Pilipinas (BSP) Circular No. 472, Series 2005 requiring all bank borrowers and co-makers to submit, in addition to the banks’ usual requirements, a copy of their latest Income Tax Return (ITR) duly stamped as received by the BIR. Returns filed with Authorized Agent Banks (AABs) or through Electronic Filing and Payment System (eFPS) with corresponding reference number shall be deemed duly stamped as received by the BIR. A waiver of confidentiality of client information and/or an authority of the bank to conduct random verification with the BIR to establish the authenticity of the tax documents submitted by the client will also have to be submitted, together with a copy of the borrower’s latest financial statements (FS), if the borrower is engaged in business. The consistency of the data/figures in the ITR and FS shall be checked and considered by the banks in the evaluation of the financial capacity and creditworthiness of credit applicants and co-makers. To facilitate the bank’s ITR and FS verification as required under the BSP Circular, all prospective credit applicants and co-makers are strongly advised to file their income and financial statement and other information required electronically using the eFPS. A copy of the eFPS-filed ITR may be downloaded from the BIR Portal (www.my.bir.gov.ph) by the applicant while the bank may verify its authenticity with the BIR Contact Center (Tel No. 981-8888) or through the BIR Portal. For non-eFPS filed tax returns, a copy of the tax return must be faxed to BIR Contact Center (Fax No. 981-7202) with a covering letter-request stating the name of the bank, the contact person, the bank’s telephone number and/or fax number, the applicant’s/co-maker’s name and Taxpayer Identification Number (TIN), his/her telephone/fax numbers. The Center will handle the verification to the Region/district concerned and will respond to the requesting bank accordingly. Supporting FS are required to be presented to a Revenue District Office for stamping after its filing either through eFPS or manually through the AABs. To verify the authenticity of FS presented to support loan applications, banks must fax an Authenticity Verification Request to the BIR Contact Center, together with the FS to be verified. The fax request must contain the following information: bank name, contact person, fax number, telephone number, name and TIN of credit applicant and total revenues indicated in FS.