Full implementation of eDST

Full implementation of eDST

The following taxpayers are reminded to enroll and make use of the web-based eDST system starting July 01, 2010 in the payment of its DST liabilities, and affixture of the prescribed DST on taxable documents.

        1. Bank, quasi-bank or non-bank financial intermediary, finance company, or insurance, surety, fidelity or annuity company

        2. Shipping and airline companies

        3. Pre-need company on sale of pre-need plans

        4. Educational institutions

         5. Industries to be required by the CIR to use "web-based DST system" upon written notification

 

Enrollment to the eDST can be done online via BIR website. However, online enrollment process will only proceed after the required documents have been submitted and appropriate pre-screening/pre-verification of application have been conducted by the BIR Collection Programs Division.

A compromise penalty under RMO 19-2007 will be imposed on taxpayers who fail to enroll in the eDST.  Also, the same taxpayer shall be considered as an automatic candidate for an audit/investigation as clarified under RMC 51-2008.

It may be recalled that the deadline for enrolling to the eDST was set on January 01, 2010 as mandated by RR 7-09 but was later deferred to February 28, 2010 (RMC 01-2010) and  June 30, 2010 (RMC 24-2010).

For clarifications on issues in the implementation of the eDST, please refer to attached RMC 51-2010.

P&A Tax Alerts are issued to keep our clients updated with the latest tax developments.  These are not intended to be a substitute for professional advise.  For inquiries and suggestions on how the Tax Alert may be even more useful to you, e-mail Lina.Figueroa@ph.gt.com or Senen.Quizon@ph.gt.com or call 886-5511.

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