Central Bank tax payment via banks

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EXECUTIVE ORDER NO. 339: Central Bank tax payment via banks

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Title Source: Supreme Court: Central Bank tax payment via banks

Law: Executive Order No. 339

Decision Date: Sep 9, 1971

Executive Order No. 339 mandates the Central Bank of the Philippines to accept payments for additional national internal revenue taxes through authorized agent banks, expanding upon the provisions established in Executive Order No. 206.

Law Summary

Scope and Applicability of Payment Through Authorized Agent Banks

Payments of these additional national internal revenue taxes shall be received by the Central Bank through its authorized agent banks.
The same provisions and procedures set forth in Executive Order No. 206 apply to the receipt of the newly included taxes.
This promotes uniformity and ease in tax collection via the banking system.

Legal Authority and Endorsement

The amendment is officially enacted by the President of the Philippines, with endorsement from the Executive Secretary.
The directive took effect on September 9, 1971, in Manila, ensuring formal legal authority for implementation.

Key Legal and Operational Concepts

Expansion of tax payment modes to include more national internal revenue taxes payable through banks.
Reliance on collaborative determination between the Secretary of Finance and Monetary Board for feasibility.
Use of authorized agent banks to facilitate tax payments enhances efficiency in tax collection.
Continuity with prior executive order provisions ensures consistency in tax payment regulations and procedures.

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