Summary
RMO No. 08-2016 amends RMO No. 83-2010 by centralizing at the National Office the custody of original documentary proofs of government ownership of absolutely forfeited assets acquired through tax sale.
Key points
- Exclusive custodian. The Chief, Property Division (PD) in the National Office is the exclusive custodian of the original proofs of ownership of absolutely forfeited assets, real and personal, including the intangible assets specified in Section II.2 of the Order.
- Transfer of existing documents. Within ten (10) days after the Order is issued, offices holding such documents send them to the Chief, PD. These are the Administrative Divisions of the regions, the Large Taxpayers Collection Enforcement Division, LTD-Makati and Cebu, the ARMD, the Forfeited Assets Monitoring Team (FAMT) and other offices holding them.
- How documents are sent. Photocopies are attached to the case docket and a separate set is kept by the sending office. A summary list goes with the originals, delivered personally or by registered mail or acceptable courier with proof of receipt, and the Chief, PD returns a photocopy or scanned copy of that proof of receipt.
- Later transmittals and recording. After that, offices transmit the documents within five (5) working days from receipt, after the information is recorded in the books kept by the Revenue Accounting Division and the regional Finance Divisions. For assets handled by the FAMT, the regional Finance Divisions still handle the recording.
- Reconciliation. The ARMD accounts for documents sent on or before December 31, 2015, and the FAMT for those sent starting January 1, 2016, for reconciliation with the Consolidated Inventory of Seized and Forfeited Assets.
Who is affected
- Chief, Property Division
- Offices holding documents on absolutely forfeited assets
Deadlines and effectivity
- First transfer: within ten (10) days after issuance of the Order
- Later transmittals: within five (5) working days from receipt
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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