RMC No. 77-2014: Clarifies certain requirements on the processing of applications for cash conversion of Tax Credit Certificates

Key points

1. No revalidation needed. Applications filed with the BIR office that issued the TCC before the validity period on its face expired no longer need revalidation for processing to continue.
2. Pending applications continue. Applications filed with the TCC-issuing office before expiration that are still pending with or withheld by the processing BIR office on the expiration date proceed, whether for verification, approval or payment. No revalidation of the covered TCC is required.

Who is affected

• Holders of TCCs who filed cash conversion applications before the TCC validity period expired

Deadlines and effectivity

• Applications must have been filed before the TCC validity period expired