Bill Type
Congress Name
Long Title
AN ACT AMENDING REPUBLIC ACT NO. 337, AS AMENDED, OTHERWISE KNOWN AS THE GENERAL BANKING ACT, REQUIRING BANKS AND OTHER FINANCIAL INSTITUIONS TO SECURE CERTIFICATION FROM THE BUREAU OF INTERNAL REVENUE ON THE AUTHENTICITY OF DOCUMENTS REQUIRED FOR LOAN APPROVAL PRIOR TO GRANTING SUCH, AND FOR OTHER PURPOSES
Date filed
July 1, 2004
Scope
Legislative History
| House Bill/Resolution NO. HB00800 |
| FULL TITLE : AN ACT AMENDING REPUBLIC ACT NO. 337, AS AMENDED, OTHERWISE KNOWN AS THE GENERAL BANKING ACT, REQUIRING BANKS AND OTHER FINANCIAL INSTITUIONS TO SECURE CERTIFICATION FROM THE BUREAU OF INTERNAL REVENUE ON THE AUTHENTICITY OF DOCUMENTS REQUIRED FOR LOAN APPROVAL PRIOR TO GRANTING SUCH, AND FOR OTHER PURPOSES |
| ABSTRACT : It is the practice of many entities to maintain two sets of financial statements - one understating income for tax purposes and the other overstating income for loan purposes. To stop this practice, the bill requires banks and other financial institutions to approve loans based on audited financial statements duly certified by the Bureau of Internal Revenue as the same statement submitted to them. |
| PRINCIPAL AUTHOR/S : ABAYON, HARLIN CAST |
| DATE FILED : 2004-07-01 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2004-07-28 |
Abstract
It is the practice of many entities to maintain two sets of financial statements - one understating income for tax purposes and the other overstating income for loan purposes. To stop this practice, the bill requires banks and other financial institutions to approve loans based on audited financial statements duly certified by the Bureau of Internal Revenue as the same statement submitted to them.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.