29 June 2012

BIR Upgrades Docu Stamp Use

The Bureau of Internal Revenue (BIR) has upgraded its electronic documentary stamp tax (eDST) system to facilitate the generation of the stamps used by taxpayers in selected transactions.
The upgrade consisted of changing certain policies on their usage as well as distributing the electronic machines to the agency's collection and audit offices nationwide.
The electronic gadgets were previously available only in banks authorized by the BIR to accept tax payments and at the collection service and collection programs division in the national office.
In many instances, banks ran out of "loads" and cannot produce the stamps.

It was also noted that eDST users can print the documentary stamp on the taxable document only once.
Under the new policy, taxpayers can ask for reprinted copies of the stamp from concerned revenue offices which are directly under the eDST system.
The BIR started using the eDST machines few years ago to stop unscrupulous individuals from making use of fake paper stamps in large transactions causing the government to lose huge amount in revenues.
The DST is a document affixed to various transactions including loans and other documents as evidence in the acceptance or transfer of obligation and rights.
The new machines are installed in the personal computers of responsiblee field officials including revenue district officers to pinpoint responsibility in case of misuse.




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