RMC No. 47-2012: Prescribes the guidelines in the filing of application for enrollment in the Value-Added Tax (VAT) Tax Credit Certificates (TCCs) Monetization Program

Key points

1. Filing periods. Revalidated and unexpired TCCs originally issued in 2002 and 2003 may be filed from July 17, 2012 up to September 1, 2012. Unexpired and/or revalidated TCCs originally issued in 2004 until April 11, 2012 may be filed from July 17, 2012 up to October 17, 2012.
2. Where to file. For VAT TCCs solely issued by the BIR, the application is filed with the BIR VAT TCC-Issuing Office, and Annex A is downloadable from www.bir.gov.ph. For VAT TCCs jointly issued by the DOF One-Stop-Shop Inter-Agency Tax Credit and Duty Drawback Center (OSS) and the BIR, it is filed at the DOF-OSS Center, with the form at http://taxcredit.dof.gov.ph.
3. Pending cash conversion. Holders with pending cash conversion applications under Section 204 (C) of the Tax Code at the Collection Programs Division may still enroll. They withdraw the earlier application and file a new enrollment application with the VAT TCC-Issuing Offices designated as Receiving Offices.

Who is affected

• Holders of unexpired and/or revalidated VAT TCCs originally issued in 2002, 2003 and 2004 until April 11, 2012

Deadlines and effectivity

• 2002 and 2003 TCCs: July 17, 2012 up to September 1, 2012
• 2004 TCCs until April 11, 2012: July 17, 2012 up to October 17, 2012