Question & AnswerQ&A (BSP CIRCULAR NO. 1215)
The phrase 'remitted in full' was changed to 'remitted net of taxes' in Section 53-A of BSP Circular No. 1062.
The required documents deleted include: a copy of CB-registered reprinting award; copy of sales report to the non-resident author, publisher or copyright owner required by P.D. 1203 covering royalty remittances; and financial statements audited by an independent Certified Public Accountant (CPA).
The submission of computation of royalties/fees certified by an independent CPA is required only for amounts exceeding US$5,000.00 under Section 53-B.
The required computation on how the share/rental was arrived at was replaced with a statement of remittable share rentals certified by an independent CPA, and the requirement for an audited Balance Sheet and Profit and Loss Statement for the year during which the share/rental accrued was deleted.
Applicants must submit a statement of fees duly certified by an independent CPA for management fee remittances involving US$5,000.00 or more.
The deleted documentation includes: copy of bill of lading certified by local shipping agent, information on balance sheet accounts where obligations were lodged, list of passenger tickets issued, and report on tax exemptions given to non-resident passengers.
The amendments took effect immediately as of December 12, 1989.
The Monetary Board approved the amendments through Resolution No. 988 dated November 17, 1989.
Removing this requirement reduces the compliance burden on smaller royalty remittance amounts, promoting ease of remittance for amounts under US$5,000.00.
The deletion simplifies the remittance process by removing the need for reprinting awards to be registered with the Central Bank, streamlining regulatory compliance.