RMC No. 22-2021: Prescribes the reportorial requirements on the exemption from the Documentary Stamp Tax (DST) relief for qualified loans pursuant to Revenue Regulations No. 24-2020

Key points

1. Covered institutions. These include banks, quasi-banks, financing and lending companies, real estate developers, life insurers, pre-need companies, in-house financing entities, asset and liabilities management companies and other public and private financial institutions, including GSIS, SSS and Pag-IBIG Fund.
2. Summary listing. They submit, in hard and soft copy, a listing of all preexisting loans, pledges and other instruments as of September 15, 2020 (effectivity of RA No. 11494) that were granted extension of payment and/or maturity periods. The format is in the Circular.
3. Where and when to file. The listing goes to the RDO, LTS or LTDO where the taxpayer is registered within sixty (60) days from December 31, 2020. That office sends a soft copy to the BIR National Office, through the Audit Information Tax Exemption and Incentives Division, within 15 days from receipt.
4. Oath and verification. The hard copy is made under oath by a duly authorized officer or representative as to its completeness, truth and accuracy. It is subject to BIR post audit or verification on whether it pertains to loans only.
5. Failure to submit. On notice and demand by the Commissioner, the Covered Institution pays the additional DST that would have been imposed under the Tax Code, as amended, plus administrative penalties.

Who is affected

• Banks, quasi-banks, financing and lending companies, real estate developers
• Life insurers, pre-need companies, GSIS, SSS and Pag-IBIG Fund

Deadlines and effectivity

• Listing as of September 15, 2020
• Submission within sixty (60) days from December 31, 2020
• RDO/LTS/LTDO forwards within 15 days from receipt