RMC No. 72-2020: Amends Revenue Memorandum Circular No. 36-2020 relative to the removal of requirement for submission of photocopies of documents evidencing credit extensions and credit restructurings granted by covered institution during ECQ

Summary

RMC No. 72-2020 amends RMC No. 36-2020 by removing the requirement to submit photocopies of documents evidencing credit extensions and restructurings granted by covered institutions during the ECQ. Part C of RMC No. 36-2020 is replaced.

Key points

1. Covered institutions. These include banks, quasi-banks, financing companies, lending companies and other public and private financial institutions, including the Government Service Insurance System, Social Security System and Pag-IBIG Fund.
2. Summary listing. Covered institutions submit, in hard and soft copy, a summary listing of pre-existing loans, pledges and other instruments as of March 17, 2020 (commencement date of ECQ) that were granted extension of payment and/or maturity periods. The listing shows the type of instrument, agreement date, document reference number, original deadline, extended deadline or maturity, and loan or pledge amount.
3. Where and when to submit. The listing goes to the Revenue District Office, Large Taxpayers Service or Large Taxpayers District Office where the taxpayer is registered. It is due within sixty (60) days from the lifting of the ECQ.
4. Oath and verification. The hard copy is made under oath by a duly authorized officer or representative as to completeness, truth and accuracy. It is subject to BIR post audit or verification of whether the list covers qualified loans only.

Who is affected

• Banks, quasi-banks, financing and lending companies, other financial institutions, GSIS, SSS and Pag-IBIG Fund

Deadlines and effectivity

• Summary listing due within sixty (60) days from the lifting of the ECQ
• Loans listed as of March 17, 2020

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