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BIR REGULATIONS and ISSUANCES on REAL ESTATE TRANSACTIONS





Revenue Memorandum Order No. 18-2009

[ June 3, 2009 ]


Circularizes the order dispensing the necessity of securing a ruling from the BIR as a requisite for the issuance of CAR/TCL on the conveyance of land and common areas by the real estate developer to the Condominium Corporation organized in accordance with the provisions of RA No. 4726 for the purpose of holding title to and managing and maintaining the land and the common areas for the benefit of the condominium unit owners, and prescribes the policies and guidelines to be observed in the issuance of CAR/TCL in respect thereto


Revenue Regulations No. 5-2009


Reverts the venue for the filing of returns and payment of Capital Gains Tax, Creditable Withholding Tax and Documentary Stamp Tax due on sale, transfer or exchange of real property of large taxpayers to the place where the property is located
(published in Manila Bulletin on May 16, 2009)


Revenue Memorandum Circular No. 58-2008


Clarifies the time within which to reckon the redemption period on the foreclosed asset and the period within which to pay Capital Gains Tax or Creditable Withholding Tax and Documentary Stamp Tax on the foreclosure of real estate mortgage by those governed by the General Banking Law of 2000 (Republic Act No. 8791), as well as the venue for the payment of these taxes. [ August 15, 2008 ]


Revenue Regulations No. 4-2008


Amends the venue for the payment of Capital Gains Tax, CreditableWithholding Tax and Documentary Stamp Taxes due on onerous transfers of real properties owned by taxpayers classified as large taxpayers


Revenue Memorandum Circular No. 72-2007


Circularizes the full text of Administrative Order No. 186 directing the City Assessor, Municipal Assessor and Provincial Assessor to annotate in all Tax Declarations the serial number of the CAR issued by the BIR


Revenue Memorandum Circular No. 76-2007


Prescribes the additional mandatory documentary requirements for one-time transactions involving transfers of real property


Revenue Memorandum Circular No. 27-2006


Publishes the full text of Executive Order No. 525 issued by the President of the Philippines entitled "Creating a Special Task Force to Investigate Irregularities Committed in Relation to the Payment of Taxes in Transfers of Titles of Real Properties and For Other Purposes."

Revenue Regulations No. 17-2003


Amends further pertinent provisions of RR Nos. 2-98, 8-98 and 13-99, as amended, by providing for additional transactions subject to Creditable Withholding Tax and re-establishing the policy that the Capital Gains Tax on the sale, exchange or other disposition of real property classified as capital assets shall be collected as a Final Withholding Tax

(published in Manila Bulletin on May 8, 2003)

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KNOWING YOUR BIR REGULATIONS AND ISSUANCES

Revenue Regulations (RRs)
are issuances signed by the Secretary of Finance, upon recommendation of the Commissioner of Internal Revenue, that specify, prescribe or define rules and regulations for the effective enforcement of the provisions of the National Internal Revenue Code (NIRC) and related statutes

Revenue Memorandum Orders (RMOs) are issuances that provide directives or instructions; prescribe guidelines; and outline processes, operations, activities, workflows, methods and procedures necessary in the implementation of stated policies, goals, objectives, plans and programs of the Bureau in all areas of operations, except auditing.

Revenue Memorandum Rulings (RMRs) are rulings, opinions and interpretations of the Commissioner of Internal Revenue with respect to the provisions of the Tax Code and other tax laws, as applied to a specific set of facts, with or without established precedents, and which the Commissioner may issue from time to time for the purpose of providing taxpayers guidance on the tax consequences in specific situations. BIR Rulings, therefore, cannot contravene duly issued RMRs; otherwise, the Rulings are null and void ab initio

Revenue Memorandum Circular (RMCs) are issuances that publish pertinent and applicable portions, as well as amplifications, of laws, rules, regulations and precedents issued by the BIR and other agencies/offices.

Revenue Bulletins (RB) refer to periodic issuances, notices and official announcements of the Commissioner of Internal Revenue that consolidate the Bureau of Internal Revenue's position on certain specific issues of law or administration in relation to the provisions of the Tax Code, relevant tax laws and other issuances for the guidance of the public.

BIR Rulings are official position of the Bureau to queries raised by taxpayers and other stakeholders relative to clarification and interpretation of tax laws.