Summary
RMO No. 83-2010 sets the policies and guidelines for decentralized recording of forfeited assets in the books of accounts of the Regional Offices.
Key points
- Where assets are recorded. Forfeited assets go into the National Government Books of Accounts kept at the Finance Division of the Regional Office with jurisdiction over where the assets physically are. Forfeited shares of stock covered by certificates are recorded with the Regional Finance Division covering the RDO where the taxpayer is registered.
- Large Taxpayers Service assets. Properties acquired or forfeited by Large Taxpayers Service offices are reported to the RDO where they are located. Shares, bonds and other intangibles with documentary proof of ownership are reported to the taxpayer’s RDO.
- Documents and sale proceeds. The Large Taxpayers Service physically turns over original documents (for example TCTs, TDs and share certificates) to the concerned Regional Administrative Division. Proceeds from sale or disposition are credited as collection of the RDO.
- Starting basis for devolution. The Inventory of Forfeited Assets in the National Office NG Books as of November 30, 2010 is the initial basis.
- Custody and administration. Chiefs of the Regional Administrative Divisions are the sole custodians of dockets and original documents on these assets. The RDO administers all acquired properties in its jurisdiction.
Who is affected
- Regional Offices
- Revenue District Offices
- Large Taxpayers Service
Deadlines and effectivity
- Initial inventory basis: as of November 30, 2010
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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