Showing posts with label Electronic New Government Accounting System (eNGAS). Show all posts
Showing posts with label Electronic New Government Accounting System (eNGAS). Show all posts

Saturday, January 21, 2017

Bookkeeping Requirements of National Government Agencies, Government Agencies and Instrumentalities and Government-Owned and Controlled Corporations

The bureau issued Revenue Memorandum Circular (RMC) No. 10-2017 recently to clarify the Bookkeeping Requirements of National Government Agencies, Government Agencies and Instrumentalities and Government-Owned and Controlled Corporations (GOCCs).

In view of the Section 232. Keeping of Books of Accounts, NGAs, GAIs, and GOCCs fall under the term "corporation" created by special law or charter. Thus, NGAs, GAIs, and GOCCs vested with functions relating to public needs whether governmental or proprietary in nature are required to register and keep their books of accounts.

1. Those who are using the Commission on Audit (COA) - developed Electronic New Government Accounting System (eNGAS) are not required to apply for its Permit to Use. Considering however, the requirement for payment/remittance and verification of tax liabilities, these entities shall submit the eNGAS in electronic format.

2. Those who are using a computerized accounting system and/or components thereof other than the eNGAS are required to apply for Permit to Use and shall submit and register the same in electronic format.

The submission is to the RDO having jurisdiction over the principal place of business or to the LTAD/ELTRD/LTD-Cebu/LTD-Davao where the head office is duly registered within thirty (30) days from the close of each taxable year or within 30 days upon the termination of its use, following the existing revenue issuances on computerized accounting system.