Summary
RMC No. 46-2018 circularizes the Ruling on the proper interpretation of Section 214 of the NIRC of 1997, as amended, on redemption of property sold at public auction.
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Key points
- What the delinquent taxpayer may pay. The delinquent taxpayer or anyone for him may pay the Revenue District Officer the public taxes, the penalties under Section 248, and the interest under Section 249 from the date of delinquency to the date of sale. Interest on the purchase price at fifteen percent (15%) per annum from the date of purchase to the date of redemption is also due.
- Condition for valid redemption. All public taxes including interests and penalties must be paid. If they are not all paid, the redemption is invalid.
Who is affected
- Delinquent taxpayers whose property was sold at public auction
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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