Summary
RMC No. 35-2020, issued April 2, 2020, exempts from Documentary Stamp Tax (DST) the relief for loans granted under Revenue Regulations (RR) No. 8-2020.
CollapseExpand
Key points
- Covered institutions. These are all public and private banks, quasi-banks, financing companies, lending companies and other financial institutions, including the GSIS, SSS and Pag-ibig Fund.
- No additional DST. When they extend the grace period for loan payments, they do not impose additional DST under Sections 179, 195 and 198 of the Tax Code. This covers credit extensions, credit restructuring and micro-lending, including loans from pawnshops and their extensions, during the covered period.
Who is affected
- Banks, quasi-banks, financing and lending companies and other financial institutions, including GSIS, SSS and Pag-ibig Fund
Deadlines and effectivity
- During the covered period under RR No. 8-2020
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.