RMC No. 47-2003: Circularizes the Department of Finance’s Order No. 19-03 which directs the One-Stop Shop Inter-Agency Tax Credit and Duty Drawback Center to conduct a special revalidation of all outstanding Tax Credit Certificates issued prior October 1, 2003.

Summary

RMC No. 47-2003 circularizes the Department of Finance’s Order No. 19-03, which directs the OSS Center to conduct a special revalidation of all outstanding Tax Credit Certificates (TCCs) issued prior to October 1, 2003.

Key points

1. Purpose. The revalidation is meant to find the outstanding amount of TCCs still circulating. It also aims to prevent the use of expired, stolen, fake, tampered or recycled TCCs.
2. Coverage. It covers TCCs jointly issued by the OSS Center and the BIR, and by the OSS Center and the Bureau of Customs (BOC).
3. New TCC forms. The OSS Center, with the BIR and BOC, produces new TCC forms with added security features. The new forms show the legal basis of issuance, the approving authorities of the BIR and BOC Commissioners, and the authority of the OSS Center signatory. They must be ready not later than September 30, 2003.
4. Unused forms. The OSS Center surrenders all unutilized TCC forms in its custody to the BIR or the BOC for appropriate action.
5. Surrender of outstanding TCCs. Holders must surrender outstanding TCCs to the OSS Center for special revalidation from October 1, 2003 to March 31, 2004. TCCs not submitted in time may still be revalidated if the OSS Center’s Executive Committee approves.

Who is affected

• Holders of outstanding TCCs issued prior to October 1, 2003

Deadlines and effectivity

• TCCs covered: issued prior to October 1, 2003
• New TCC forms ready not later than September 30, 2003
• Revalidation period: October 1, 2003 to March 31, 2004

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