SUBJECT Amends certain provision of RR 1-2011 (Section 3)

AMENDMENT February 24, 2011

DATE

FINDINGS Section 3 ( C ) of RR No. 1-2011 is hereby amended

The electronic receipt (e-receipt) issued by POEA is

an additional option of requirement for the
OCWs/OFWs beneficiary or recipient to exempt their
remittances from payment of documentary stamp
tax (DST)
Remittances sent through non-bank money transfer
agents are now required, that the OCWs/OFWs will
show valid proof of entitlement for the transfer.

Another subsection ( D )was added to the

Regulation, it is for monitoring purposes of local
banks and non-bank money transfer agents and they
are also required to document remittances made by
OCWs/ OFWs
The format of the document was given and also to
when it will be submitted to the Revenue District
Office or Audit Division under the Large Taxpayers
Service
RELATED Chapter 2 Page 51
TOPIC IN THE Income Taxation by Enrico Tabag and Earl Jimson Garcia
BOOK

Revenue Regulations No. 11-2012