RMO No. 21-2012: Prescribes the policies, guidelines and procedures in the acceptance, processing, evaluation, approval of applications for monetization and issuance of Notice of Payment Schedule of outstanding VAT Tax Credit Certificates solely issued by the BIR and jointly issued by the One-Stop-Shop Inter-Agency Tax Credit and Duty Drawback Center of the Department of Finance and the BIR

Key points

1. Covered TCCs. It covers VAT TCCs issued before April 12, 2012 solely by the BIR and jointly by the DOF One-Stop-Shop Inter-Agency Tax Credit and Duty Drawback Center (OSS Center) and the BIR. The basis is the Monetization Program under Executive Order No. 68 and Joint Circular No. 2-2012.
2. Notification letters. The Collection Service, Large Taxpayers Service, LTDO-Makati and Cebu, and the RDOs under RR No. 8-Makati City send letters to VAT TCC holders with unutilized balances. The DOF-OSS Center sends the letters for jointly issued TCCs.
3. Where to apply. Applications go to the office matching who issued the TCC, such as the RDO, the Assessment Service, the Large Taxpayers audit divisions, the Appellate Division, the Collection Programs Division or the DOF-OSS Center.
4. Filing deadline. Applications must be filed with the designated issuing offices not later than October 17, 2012. For VAT TCCs expiring in 2012 and 2013, the deadline is the TCC expiration or September 15, 2012, whichever is earlier.
5. Office duties. The Order sets out the duties of the offices involved and the reporting requirements.

Who is affected

• Holders of outstanding VAT TCCs issued before April 12, 2012

Deadlines and effectivity

• Applications: not later than October 17, 2012
• TCCs expiring in 2012 and 2013: on or before TCC expiration or September 15, 2012, whichever is earlier