Summary
RMC No. 65-2023 amends Item VIII of RMC No. 19-2022 on the venue for issuing the Certificate Authorizing Registration (CAR) for tax-free exchanges of properties under Section 40(C)(2) of the Tax Code.
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Key points
- Reason for the amendment. The change is made in compliance with Section 5 of RA No. 11032 (Ease of Doing Business and Efficient Government Service Delivery Act of 2018) and to monitor Section 40(C)(2) transactions.
- Venue for the CAR. The parties always submit the documentary requirements in Annex B to the RDO or Large Taxpayers Office having jurisdiction over where the transferee or surviving corporation is registered.
- Number and location of properties. This applies regardless of how many real properties or shares of stock are involved, and even if the properties are in various locations covered by different RDOs or LT Offices.
Who is affected
- Parties to tax-free exchanges of property under Section 40(C)(2)
- Transferee or surviving corporations
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.