Amendment on Deposit Substitutes Definition

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BIR REVENUE REGULATIONS NO. 3-97: Amendment on Deposit Substitutes Definition

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Title Supreme Court: Amendment on Deposit Substitutes Definition

Law: Bir Revenue Regulations No. 3-97

Decision Date: Dec 27, 1997

BIR Revenue Regulations No. 3-97 amends the definition of "deposit substitutes" to include various debt instruments for obtaining funds, effective January 2, 1997, while excluding interbank loans from this classification.

revenue regulations

deposit substitutes

debt instruments

A

Exclusion of Interbank Loan Instruments

Debt instruments issued for interbank loans, including transactions between or among quasi-banks, are specifically excluded from being considered deposit substitutes.

Inclusion of BSP Reverse Repurchase Agreements

Effective January 2, 1997, reverse repurchase agreements between the BSP and authorized agent banks are classified as deposit substitutes.

Effective Date

The amendment came into effect on January 2, 1997.

Authoritative Officers

The regulation was adopted by the Secretary of Finance, Roberto F. De Ocampo.
It was recommended for approval by the Commissioner of Internal Revenue, Liwayway Vinzons-Chato.

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