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RMC No. 114-2023: Temporary suspension of the opening of Escrow Account pursuant to RMO No. 29-2022

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Summary

RMC No. 114-2023 announces the temporary suspension of opening an Escrow Account for the auction sale of seized properties under RMO No. 29-2022.

Key points

  1. Reason for suspension. An RMO is being prepared to amend certain provisions of RMO No. 29-2022. Coordination is ongoing with concerned Government Agencies and Offices on setting up an escrow account.
  2. Procedures to follow. Offices conducting a public auction sale of seized properties follow the existing procedures in the Collection Manual of 2011, pursuant to RMO 28-2012. The procedures in RMO No. 29-2022 on Auction Sale of Acquired Assets remain in effect.

Who is affected

  • Offices conducting public auction sales of seized properties

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

Related issuances

CitesRMO No. 28-2012RMO No. 29-2022

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.