Summary
RMC No. 47-2014 publishes the full text of the Memorandum of Understanding between the BIR and the Home Development Mutual Fund (Pag-IBIG Fund), signed on May 12, 2014.
Key points
- Filing and remittance by Pag-IBIG. With written authorization from members, borrowers or developers, the BIR allows the Pag-IBIG Fund to file and remit their taxes arising from transactions with the Fund. It may use eBIRForms or other modes of payment.
- BIR assistance. The BIR helps compute related taxes, submit documents and verify the status of Pag-IBIG accounts. It provides a special lane for issuing the Certificate Authorizing Registration (CAR) and lets the Fund secure the CAR on behalf of its members, borrowers and developers if duly authorized.
- Pag-IBIG duties. The Fund must obtain the proper authority from the persons concerned. It is responsible for submitting complete documents and remitting correct taxes based on its evaluation of the filed transactions.
- Technical Working Group. Both parties must immediately form a Technical Working Group to study and define the administrative, technical and other requirements to achieve the MOU’s objective.
Who is affected
- Pag-IBIG Fund members, borrowers and developers
Deadlines and effectivity
- MOU signed May 12, 2014
- Issued May 30, 2014
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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.