RMO No. 23-2003: Prescribes the guidelines on revalidation and conveyance of Tax Credit Certificates

Key points

1. Revalidation. Holders of all transferred TCCs, including partially utilized ones, must have them revalidated by the TCC Revalidation Committee, Office of the Commissioner. The revalidation period is July 1 to 31, 2003.
2. If not revalidated. Transferred TCCs not revalidated in that period may still be presented for utilization, but they first go through an extensive investigation.
3. Buying TCCs. Prospective buyers of TCCs must obtain an Authorization to Purchase TCCs from the TCC Revalidation Committee. The Authorization is valid for forty-five (45) days from issuance.

Who is affected

• Holders of transferred TCCs, including partially utilized TCCs
• Prospective buyers of TCCs

Deadlines and effectivity

• Revalidation period: July 1 to 31, 2003
• Authorization to Purchase TCCs: valid for forty-five (45) days from issuance