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The Order declares an imperative need for a more effective system of collecting national internal revenue taxes to increase tax collections and protect revenues.
The Order aims to achieve that objective by designating the proper office responsible for collection through banking facilities.
The Bureau of Internal Revenue is vested with primary responsibility for enforcing the collection of national internal revenue taxes through the banking system.

The Bureau of Internal Revenue must adopt rules and regulations necessary to utilize the banking system in receiving and accounting for internal revenue tax payments.
The rules and regulations must include criteria for selection and authorization of authorized agent banks.
The rules and regulations must establish terms and conditions for authorized agent banks, including the required collection and remittance procedures and access to records.
The rules and regulations must address penalties to be imposed for violations, without prejudice to civil and criminal sanctions provided by law.

Taxpayers required by law to pay national internal revenue taxes must file returns with the Commissioner of Internal Revenue or authorized deputies and must pay the corresponding taxes due to an Authorized Agent Bank.
Tax payments to an Authorized Agent Bank must be accepted only upon presentation of a Payment Order issued by the Commissioner of Internal Revenue or authorized deputies.
A Payment Order must indicate the tax due, including any surcharge, compromise penalty and/or interest, computed based on a tax return filed or a duly signed document presented showing deficiency assessments or other internal revenue tax liabilities determined by tax authorities.
Authorized Agent Banks must issue official receipts using forms prescribed for the purpose, and those receipts must be accountable forms.

Authorized Agent Banks and their branches must remit all collections of internal revenue taxes they make under the Order to the Central Bank of the Philippines.
The Central Bank of the Philippines must then remit the amounts involved to the Treasurer of the Philippines with advice to the Commissioner of Internal Revenue.
The Bureau of Internal Revenue must account for and monitor tax collections and remittances made by Authorized Agent Banks.
The Order places responsibility on the BIR to enforce and supervise the banking-based tax collection and remittance process.

Overpayments of internal revenue taxes must be determined and refunded by the Commissioner of Internal Revenue in accordance with existing regulations.

Penalties for delayed remittances by banks must accrue to a fund for the use of the Bureau of Internal Revenue in furtherance of its collection functions.
Whenever warranted, the Bureau of Internal Revenue must initiate the prosecution of any bank, its offices, or its employees found to have incurred civil and criminal liabilities in connection with tax collection activities.

The Bureau of Internal Revenue and the Ministry of Finance must promulgate rules and regulations needed to implement and effectively carry out the provisions of Executive Order No. 937.
Executive Order No. 206, Series of 1970 is revoked.