RMC No. 07-2012: Circularizes relevant portion of BIR Ruling No. 023-10 concerning the Capital Gains Tax and Documentary Stamp Tax liability of a non-stock non-profit organization on its disposition of real property

Summary

RMC No. 7-2012 circularizes the relevant portion of BIR Ruling No. 023-10 dated August 4, 2010 on the Capital Gains Tax (CGT) and Documentary Stamp Tax (DST) liability of a non-stock, non-profit organization on its real property disposition.

Key points

1. Instruction to BIR employees. BIR employees who process and review One-Time Transactions are directed to assess the appropriate CGT and DST, if warranted, on real property disposition by a non-stock, non-profit organization.

Who is affected

• Non-stock, non-profit organizations disposing of real property
• BIR employees processing One-Time Transactions

Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.