These Regulations amended Section 2 of Revenue Regulations No. 4-97 for the purpose of facilitating payment of taxes with the Bureau of Internal Revenue by providing for the recognition of checks as one of the acceptable modes of payment thereof.

Internal revenue taxes may be paid through any of the following modes: (a) over-the-counter cash transaction; (b)bank debit system; or (c) a credit facility with a bank, a credit company or similar institution; or (d) personal or company check or cashier's or manager's check.

A taxpayer opting to pay through the bank debit system or credit facility with a bank, a credit company or similar institution shall open/maintain a bank account with any Authorized Agent Bank (AAB) of the BIR where he/it intends to file his/its tax return/form/declaration and pay his/its tax liabilities.