Summary
RMO No. 41-2016 reiterates RMC No. 39-2015 and RMC No. 80-2012 on issuing Certificates Authorizing Registration (CAR) for certain property and stock transfers.
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Key points
- Covered transactions. The CARs cover the sale of real property, transfer or assignment of stocks not traded in the stock exchange(s), and transfers subject to Donor’s Tax, Estate Tax and other taxes, including related Documentary Stamp Tax.
- Issuance period. CARs for these transactions are issued within five (5) days from submission of complete documentary requirements.
- Penalties for violations. BIR officials and employees who violate the Citizen’s Charter on documentary requirements and issuance period for these CARs, or Item B(b)(1) of RMC No. 80-2012, face the administrative and criminal penalties listed in the ARTA Act of 2007.
Who is affected
- BIR officials and employees
- Taxpayers seeking CARs for the covered transactions
Deadlines and effectivity
- CAR issuance: within five (5) days from complete submission
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.